Financial sector (transfer of business)

Transfer under Part 3 of Financial Sector (Transfer of Business) Act 1999 of the Commonwealth, under which the assets and liabilities of the transferring body become those of the receiving body.

Related guidance

Under section 109 of the Duties Act 2000, duty may be exempt on voluntary transfers of assets arising from the merger of a financial institution. The exemption is available where:

• the Australian Prudential Regulation Authority (APRA) has issued a certificate of transfer under section 18 of the Financial Sector (Transfer of Business) Act 1999 (Cth), and
• the merger or transfer of engagements would not previously have been liable to duty under the former Financial Institutions (Victoria) Code.

1. SRO Duties Form 16 (Statement on transfer under Part 3 of the Financial Sector (Transfers of Business) Act 1999.
2. Contract of sale or such other agreement relating to the transfer of the property.
3. Certificate of transfer issued under section 18 of the Financial Sector (Transfer of Business) Act 1999.
4. A copy of the written statement detailing the assets of the transferring body. This may be in the form required by section 19 of the Financial Sector (Transfer of Business) Act 1999.

To apply for an exemption from duty, provide:

• an application specifying the property that is the subject of the transfer
• details of the duty involved
• an explanation of how the transfer satisfies the exemption requirements.

See Revenue Ruling DA-008.