Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 70

(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.