Application for registration as a declared public unit trust scheme
This application form is to be completed by a unit trust scheme seeking registration as a declared public unit trust scheme for the purposes of the landholder provisions in Part 2 of Chapter 3 of the Duties Act 2000 (the Act).
This form has been replaced with an online SmartForm.
Registration criteria and explanatory notes
A private unit trust scheme may be registered as a declared public unit trust scheme if:
- The scheme falls short of the criteria to be considered a listed trust or a widely held trust and the Commissioner of State Revenue is satisfied that the scheme should be treated as a public unit trust scheme.
- Registration is not being sought for the purpose of, or as part of a scheme or arrangement with a collateral purpose of, avoiding or reducing duty that would otherwise be chargeable under Part 2 of Chapter 3 of the Act.
The matters the Commissioner will consider when making a determination as to whether a scheme should be registered as a declared public unit trust scheme include:
- Whether the scheme was established for a particular investor or group of investors.
- Whether units in the scheme were issued to the public/an appreciable section of the public.
- The degree of ownership and/or control a particular investor or group of investors has/have over the scheme.
- The total number of unit holders in the scheme and whether units are widely held by persons who are not associated with each other.
- Whether the purpose and nature of the scheme is effectively public and the reasons it fails to meet the criteria of a listed trust or a widely held trust.
Registration as a declared public unit trust scheme is for three years from the date specified by the Commissioner. Registration may be backdated to a period before the day on which registration is granted. The Commissioner may cancel registration at any time if a disqualifying circumstance has occurred in respect of the scheme.
A public unit trust scheme is any of the following unit trust schemes – a listed trust, a widely held trust and a registered declared public unit trust scheme – but does not include a unit trust scheme that is a wholesale unit trust scheme.
A listed trust means a unit trust scheme all the units in which are quoted on the ASX or an equivalent exchange, the London Stock Exchange, New York Stock Exchange or New Zealand Stock Exchange, or on any exchange of the World Federation of Exchanges (other than the ASX or an equivalent exchange).
A widely held trust is a unit trust scheme:
- That has not less than 300 registered unit holders.
- In which none of the registered unit holders, either individually or together with associated persons, holds or is entitled to more than 20% of the units in the scheme.
A wholesale unit trust scheme is a unit trust scheme that is registered under Division 6 of Part 2 of Chapter 3 of the Act as a wholesale unit trust scheme, an imminent wholesale unit trust scheme, or a declared wholesale unit trust scheme.
A disqualifying circumstance is any circumstance that causes a registered unit trust scheme to fail to meet one or more of the registration criteria. If a disqualifying circumstance occurs, the trustee must notify the Commissioner of the details of the disqualifying circumstance within 28 days of its occurrence. If the trustee fails to notify the Commissioner within 28 days, the trustee may be liable for penalties of just over $1000 and double the amount of any duty payable as a result of the disqualifying circumstance (less any amount of duty that the trustee or any other person has paid).