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Other transfers of eligible superannuation entities (s. 130B) exemption toolkit

This toolkit brings together everything you need to know about self assessing particular transfers involving an eligible superannuation entity.

Section 130B of the Duties Act 2001 exempts a transfer or agreement for transfer of dutiable property of an eligible superannuation entity:

  • from the trustee of the entity to the custodian for the trustee
  • or
  • from the custodian for the trustee of the entity to the trustee.

An eligible superannuation entity is one of the following:

  • a public superannuation entity (e.g. a pooled superannuation trust)
  • a complying superannuation fund (e.g. a self-managed superannuation fund) if the fund is regulated by the Australian Prudential Regulation Authority (APRA).

Not all complying superannuation funds are regulated by APRA. Other regulators include the Australian Taxation Office (ATO). Under the Superannuation Industry (Supervision) Act 1993 (Cwlth), a complying superannuation fund that is not regulated by APRA may borrow money to acquire certain property if a custodian trust is to hold the acquired property until the loan is repaid.

In these instances, using a custodian trust to hold fund property is required in certain circumstances by the Superannuation Industry (Supervision) Act. Section 130B also exempts a transfer or agreement for transfer of an acquirable asset:

  • from the trustee of a complying superannuation fund that is regulated by the ATO to the custodian for the trustee if, on completion, the asset will be held on trust by the custodian for the trustee
  • from the custodian for the trustee of a complying superannuation fund that is regulated by the ATO to the trustee if, immediately before the transfer, the acquirable asset was held by the custodian for the trustee.

The exemption does not apply to any transaction where:

  • fund property or interests in fund property, cease being fund property
  • the entity member trust interests in the fund change.

If you believe this exemption will apply to a transaction you are dealing with, as a registered self assessor you must assess and lodge it through OSR Online.

Assessing a section 130B exemption

Use the section 130B interactive help to determine if you should apply the exemption to a transaction.

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

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.

  • 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).
  • Select Yes to the question: Is an exemption being claimed?
  • Select s.130B exemption - other transfers of public super entities from the Exemption type drop-down list.

Non-Australian entity

When a transaction includes real property, each transferor and transferee must declare whether they are a non-Australian entity.

A non-Australian transferor or transferee must complete an identity details annexure.

For transferors, an email is automatically generated through OSR Online when the transaction is lodged, asking the transferor to complete an online identity details annexure. Contact us for help if you cannot obtain the transferor's email address.

Transferees must complete an identity details annexure and you must enter these details in OSR Online.

Records you need to keep

For this type of transaction, you must keep:

  • copies of the transaction documents (e.g. the transfer and agreement, if any)
  • a copy of the trust deed for the eligible superannuation entity
  • a copy of the deed establishing the custodian (bare) trust
  • a completed dutiable transaction statement (Form D2.2)
  • an identity details annexure for each non-Australian transferee, if the transaction involves real property.

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.