Apply for registration as a wholesale unit trust scheme
The trustee of a unit trust scheme can apply to register the scheme as a wholesale unit trust scheme, to gain concessionary treatment under the landholder provisions of the Duties Act 2000 (the Act).
Determine your eligibility
The Commissioner has issued public rulings relating to trust schemes. One provides guidance on issues relating to trust registration applications. You should review this ruling and the criteria set out in s89S of the Act before seeking registration as a wholesale unit trust scheme.
In order for a unit trust scheme to be registered as a wholesale unit trust scheme, we must be satisfied that:
- the scheme was not established for a particular investor
- the trustee of the scheme, as trustee, holds directly or indirectly an interest in not less than three parcels of land within or outside Victoria, and at least two of those interests each have an unencumbered value of $10 million or more, or
- at least six of the unit holders in the scheme who are not associated persons each have a subscription under the scheme of not less than $3 million
- not less than 70% of the units in the scheme are held by qualified investors
- no qualified investor, either alone or together with associated persons, holds 50% or more of the units in the 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 otherwise chargeable under Part 2 of Chapter 3 of the Act.
Complete your application form
If the scheme is eligible to be registered as a wholesale unit trust scheme, the online Duties Form 59 SmartForm must be completed by the trustee of the scheme seeking registration.
The form must be signed by or on behalf of the trustee of the scheme prior to lodgement.
If you need assistance, please contact the Landholder Acquisitions Branch on 03 9628 0123.
Gather your supporting documents
You must gather the following supporting documents to accompany your application:
- a copy of the trust deed for the unit trust scheme, including all schedules and amending deeds
- all documentation identifying the nature and purpose of the unit trust scheme and who could and has applied for units in the scheme (i.e. prospectus, product disclosure statement or information memorandum)
- a copy of the unit trust scheme’s profit and loss statement and balance sheet for the last three financial years
- a copy of the unit trust scheme’s register of unit holders as at the application date
- if registration is being sought from a date prior to the date of application, a copy of the scheme’s register of unit holders as at that earlier date and full and precise details of all acquisitions of units in the scheme from that date.
Lodge your application form and supporting documents
The SmartForm should be completed and lodged with the Landholder Acquisitions Branch together with any supporting documentation via email or mail marked to the attention of the Manager, Landholder Acquisitions Branch.
State Revenue Office
GPO Box 1641
Melbourne VIC 3001
We will acknowledge your application in writing when we receive it and contact you if we need more information.
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