Western Australian Consolidated Acts Western Australian Consolidated Acts (1) A unit
trustee may apply to the Commissioner in an approved form for interim
registration of a unit trust scheme if the application is made before the end
of the start up period.
(2) The Commissioner
may grant the unit trust scheme interim registration as a pooled investment
trust or an equity trust, as the case may be, for the start up period
if —
(a) the
Commissioner is satisfied that, subject to subsection (2a), the scheme
satisfies the criteria for registration set out in section 63AB(2)(a),
(c) (other than subparagraph (xi)) and (h) or (3)(a), as the case
requires;
(ab) in
the case of an application for interim registration of a unit trust scheme as
a pooled investment trust — the scheme is not to be treated as a
sub-trust under section 63AA(2a); and
(b) the
trustee gives the Commissioner an undertaking that units in the scheme will be
issued so that at the end of the start up period the scheme will also comply
with the criteria referred to in section 63AB(2)(b), (c), (d), (e), (f)
and (g) or (3)(b) and (c), as the case requires, and the
Commissioner is satisfied that those criteria will be fulfilled by the end of
the start up period.
(2a) If —
(a) at
the beginning of the start up period the body corporate that established and
manages a unit trust scheme is not a funds manager (as defined in
section 63AB(2a)); and
(b) the
Commissioner is satisfied that —
(i)
the scheme otherwise satisfies the criteria for
registration referred to in subsection (2)(a); and
(ii)
the body corporate will be a funds manager by the end of
the start up period,
the Commissioner may
grant the scheme interim registration as a pooled investment trust under
subsection (2).
(3) The Commissioner
shall advise the unit trustee whether or not he has granted the unit trust
scheme interim registration as a pooled investment trust or an equity trust.
(3a) Subject to
section 17 of the Taxation Administration Act 2003 , if the
Commissioner grants a unit trust scheme interim registration as a pooled
investment trust or an equity trust, then the Commissioner shall make any
reassessment necessary to give effect to that registration.
(4) If the
Commissioner decides not to grant the unit trust scheme interim registration
as a pooled investment trust or an equity trust he must give the unit trustee
reasons for his decision.
(5) If the
Commissioner decides not to grant the unit trust scheme interim registration
as a pooled investment trust or an equity trust, the unit trustee may
challenge the validity or correctness of that decision in accordance with
Part 4 of the Taxation Administration Act 2003 as if the unit
trustee were a taxpayer and the decision were a decision affecting the
trustee’s liability to pay duty.
[Section 63AC inserted by No. 36 of 2001
s. 27; amended by No. 2 of 2003 s. 35; No. 66 of 2003
s. 20.]