Transfer to a superannuation fund by a member(s) of the fund for no consideration is exempt from duty. In order for this transaction to be exempt, all transferors must be natural person(s). If the transferor(s) is not a natural person(s), the transaction is considered to be restricted and cannot be completed in Duties Online.
s41-41A of the Duties Act 2000 (the Act) describes duty exemptions available for transfers involving “a complying superannuation fund, a complying approved deposit fund, a pooled superannuation fund or an eligible rollover fund.”
These are defined in section 3 of the Act:
- Complying approved deposit fund means an entity that is a complying approved deposit fund in accordance with section 43 of the Superannuation Industry (Supervision) Act 1993 (Commonwealth).
- Complying superannuation fund means an entity that is a complying superannuation fund in accordance with section 42 or 42A of the Superannuation Industry (Supervision) Act 1993 (Commonwealth) and an exempt public sector superannuation scheme and in section 40 includes a complying approved deposit fund and an eligible rollover fund.
- Eligible rollover fund means an entity that is an eligible rollover fund in accordance with section 242 of the Superannuation Industry (Supervision) Act 1993 (Commonwealth) and includes an entity the trustee of which is satisfied will be an eligible rollover fund within 12 months after the date on which a liability to duty arises (or would otherwise arise).
- A pooled superannuation trust means an entity that is a pooled superannuation trust in accordance with section 44 of the Superannuation Industry (Supervision) Act 1993 (Commonwealth).