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Superannuation fund exemption (s. 119) toolkit

This toolkit brings together everything you need to know about self assessing trust acquisitions or surrenders in superannuation funds.

Under section 119 of the Duties Act 2001, an acquisition or surrender of a trust interest in a superannuation fund is exempt from transfer duty, but only for trust acquisitions or surrenders that provide superannuation benefits for the member. This exemption typically applies to transactions where a person:

  • joins a fund
  • increases their investment in the fund
  • ends their membership in the fund.

The exemption also applies where the acquisition or surrender results from the trustee distributing benefits to the dependants or other beneficiaries of a deceased member.

The exemption does not apply to transfers of dutiable property out of the fund. For example, where a trustee transfers land (held for the superannuation fund) to a member, or a beneficiary of the member on the member's death, it is a transfer of dutiable property and not a trust acquisition or surrender.

As a registered self assessor, if you determine that this exemption will apply to a transaction, you must self assess it in OSR Online.

Assessing a superannuation fund trust acquisition or surrender exemption

Use the section 119 superannuation fund interactive help to determine if you should apply this exemption to a transaction.

Here are some tips to help you self assess this type of transaction in OSR Online.

  • Select Transfer - other than land as the Transaction class.
  • Select Trust acquisition or trust surrender as the Type of dutiable transaction.
  • Select Trust - dutiable property as the Type of dutiable property.
  • Enter a detailed description of the transaction in the text field.
    For example: Deed of variation removing Jane Black as a member of the Black Superannuation Fund.
  • The transferors are the existing beneficiaries of the superannuation fund surrendering their interest or the departing beneficiaries.
  • The transferee is the member becoming a beneficiary of the superannuation fund. If a beneficiary is being removed, enter the remaining beneficiaries.
  • Answer Yes to the question: Is the consideration for this transaction less than the unencumbered value of the property included in this transaction?
  • Enter the unencumbered value of 100% interest in property if known; if unknown, enter $0.00 (nil).
  • Answer Yes to the question: Is an exemption being claimed?
  • Select s.119 exemption acq/surr in superannuation fund from the Exemption type drop-down list.

How to lodge online

You must complete all mandatory fields under each tab in OSR Online. Mandatory fields are marked with a red asterisk. There are some specific data entry requirements.

Records you need to keep

For this type of transaction, you must keep:

Find out more about your record-keeping obligations.

Also consider...

Contact

Office of State Revenue
For transfer duty self assessment queries:

For queries on payroll tax, land tax and royalties:

  • call 1300 300 734 (Australia) or +61 7 3179 2500 (overseas)
  • send an email using our online enquiry form.