Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 72

(1) A wholesale unit trust is a unit trust, other than a listed unit trust--

(a) that is established and managed by a funds manager; and

(b) the units in which are predominantly acquired by, for or on account of, wholesale investors.

(2) A wholesale unit trust includes a unit trust that holds land in Queensland, or has an indirect interest in land in Queensland, only if the trust was established, and continues, solely for the investment of funds placed with it by wholesale investors using the funds manager's funds management and investment services.

(3) However, for a trust acquisition or trust surrender of a trust interest in a trust, a unit trust is not a wholesale unit trust if--

(a) the trust is established or managed for a particular person; or

(b) subsection (1)(b) or if applicable subsection (2) is not satisfied before and after the trust acquisition or trust surrender.

(4) For subsection (3), 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.

(5) If subsection (3) applies to a unit trust, the trust is not a wholesale unit trust from immediately before the trust acquisition or trust surrender or the first acquisition or surrender under the arrangement.