Duties Act 1997 (NSW)

Duties Act 1997 No 123

An Act to create and charge a number of duties.

Chapter 1 Preliminary

1 Name of Act This Act is the Duties Act 1997.

2 Commencement This Act commences on 1 July 1998.

3 What does this Act do? This Act creates and charges a number of duties.

Note. Each duty is dealt with in a separate Chapter of this Act. The Contents pages list the Chapters and their subject-matter.

4 What is a duty? A duty charged by this Act is, when a liability to pay the duty is created, a debt due to the State of New South Wales.

5 Arrangements for payment of duties This Act does not contain all the provisions concerning duties. This Act is to be read together with the Taxation Administration Act 1996. The Taxation Administration Act 1996 contains provisions that deal with, for example— • how assessments of duty are made • how assessments can be challenged • what happens if duty is not paid on time • how unpaid duty may be recovered • what records must be kept by taxpayers • how decisions made under this Act can be challenged • the investigative powers of tax administrators.

5A Application of Act to corporate collective investment vehicles (1) For this Act, each sub-fund of a CCIV is taken to be a unit trust scheme of which— (a) the CCIV is the trustee, and (b) the business, assets and liabilities of the sub-fund are the trust property, and (c) the members of the sub-fund are the beneficiaries. (2) For a sub-fund that is taken to be a unit trust scheme— (a) a share in the CCIV that is referable to the sub-fund is taken to be a unit in the unit trust scheme, and (b) a shareholder of the share, as a member of the sub-fund, is taken to be a registered unit holder of the unit in the unit trust scheme, and (c) the rights, entitlements, obligations and other characteristics attaching to the share are taken, as far as practicable, to be the same rights, entitlements, obligations and other characteristics attaching to the unit, and (d) a winding up of the sub-fund is taken to be a winding up of the unit trust scheme, and (e) a person who has an entitlement to a distribution of property in the event of the distribution of all the property of the sub-fund is taken to have the same entitlement to a distribution of property in the event of the distribution of all the property of the unit trust scheme. (3) For this Act, a CCIV is taken to be a separate person in relation to each unit trust scheme of which it is the trustee under subsection (1). (4) This Act does not apply to a CCIV or the members of a sub-fund of a CCIV except as provided for by this section.