New responsible entity
Under section 54(3A) of the Duties Act 1997, duty of$50 is chargeable in respect of a transfer of dutiable property as a consequence of the retirement of a responsible entity of a managed investment scheme or the appointment of a new responsible entity of a managed investment scheme if the Chief Commissioner is satisfied that the only beneficial interest acquired by a person in relation to the dutiable property as a result of the transfer is a beneficial interest acquired by the replacement or new responsible entity solely because of its appointment as responsible entity for the scheme.
Unlike section 54(3) of the Duties Act, dealing with changes to trustees generally, it is irrelevant whether the new responsible entity is also, or can become, an investor (in another capacity) in the scheme.
Note: that section 54(3B) of the Duties Act provides a similar concession for a vesting of land in NSW by statute law in a responsible entity if the Chief Commissioner is satisfied that section 54(3A) would apply.
Documentation to be submitted with the transfer at the time of stamping:
a) Deed of appointment / retirement of responsible entity or some evidence in writing which has the same effect (such as minutes of a meeting)
b) Statutory declaration by the transferee stating:
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(i) the transferee is the new responsible entity within the meaning of the Corporations Act, of [name of] registered managed investment scheme with ARSN [number of scheme], and
(ii) the interest acquired by the transferee in the scheme and a statement as to whether or not the interest was acquired solely as a consequence of the appointment or retirement as responsible entity of the registered managed investment scheme.
