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DUTIES ACT 2001 - SECT 70 What is a widely held unit trust

DUTIES ACT 2001 - SECT 70

What is a widely held unit trust

70 What is a widely held unit trust

(1) A
"widely held unit trust" is a unit trust, other than a listed unit trust, that is a registered managed investment scheme for which—
(a) units in the trust have been issued to the public; and
(b) 50 or more persons are beneficially entitled to the units in the trust; and
(c) more than 20 persons are beneficially entitled to at least 75% of the total units in the trust.
Note—
Also, under section 71 , the commissioner may treat a unit trust as a widely held unit trust.
(2) However, for a trust acquisition or trust surrender of a trust interest in a trust, a unit trust is not a widely held unit trust if subsection (1) (b) and (c) is not satisfied before and after the trust acquisition or trust surrender.
(3) For subsection (2) , a trust acquisition or trust surrender of a trust interest in a unit trust includes a series of trust acquisitions or trust surrenders under an arrangement.
(4) If subsection (2) applies to a unit trust, the trust is not a widely held unit trust from immediately before the trust acquisition or trust surrender or the first acquisition or surrender under the arrangement.
(5) For subsection (1) , a person is taken to be beneficially entitled to all units held by the person and related persons of the person.