Definitions
Private unit trust scheme
A unit trust scheme that is not a public unit trust scheme or a wholesale unit trust scheme.
Public unit trust scheme
Any of the following unit trust schemes:
a) listed trust, being a unit trust scheme any of the units in which are listed for quotation on the Australian Stock Exchange or any exchange of the World Federation of Exchanges,
b) a widely held trust, being a unit trust scheme which has not less than 300 unit holders none of whom, individually or together with any associated person, is beneficially entitled to more than 20% of the units in trust,
c) a unit trust scheme registered under Part 7 of Chapter 4A as an imminent public unit trust scheme.
Wholesale unit trust scheme
A unit trust scheme that is registered under Part 7 of Chapter 4A as a wholesale unit trust scheme or as an imminent wholesale unit trust scheme. View registration of unit trust schemes for more information.
Private company
A company that is not limited by shares, or whose shares are not quoted on the Australian Stock Exchange or any exchange of the World Federation of Exchanges.
Associated person
A person who is associated with another person in accordance with any of the following provisions:
a) Persons are associated persons if they are related persons
b) Natural persons are associated persons if they are partners in a partnership, to which the Partnership Act 1892 applies
c) Private companies are associated persons if common shareholders have a majority interest in each private company
d) Trustees are associated persons if any person is a beneficiary common to the trusts (not including a public unit trust scheme) of which they are trustees
e) A private company and a trustee are associated persons if a related body corporate of the company (within the meaning of the Corporations Act 2001) is a beneficiary of the trust (not including a public unit trust scheme) of which the trustee is a trustee.
For the purposes of the land rich provisions, a public company and a subsidiary of a public company are associated persons. However the responsible entity for a managed investment scheme and the responsible entity for another managed investment scheme are considered to be associated persons for the purposes of the land rich provisions only if a person who is a member of one scheme and is beneficially entitled to more than 20 per cent of the property which the scheme relates is also a member of the other scheme and is beneficially entitled to more than 20 per cent of the property to which that other scheme relates.
Related person
A person who is related to another person in accordance with any of the following provisions:
a) natural persons are related if:
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- one is the spouse or de facto partner of the other, or
- the relationship between them is that of parent and child, brothers, sisters, or brother and sister,
b) private companies are related persons if they are related bodies corporate within the meaning of the Corporations Act 2001,
c) a natural person and a private company are related persons if the natural person is a majority shareholder or director of the company or of another private company that is a related body corporate of the company within the meaning of the Corporations Law,
d) a natural person and a trustee are related persons if the natural person is a beneficiary of the trust (not being a public unit trust scheme) of which the trustee is a trustee,
e) a private company and a trustee are related persons if the company, or a majority shareholder or director of the company, is a beneficiary of the trust (not being a public unit trust scheme) of which the trustee is a trustee.
Linked entity
A person:
who is part of a chain of persons:
which includes the principal entity, and
which is comprised of one or more links, and
in which a link exists if a person would be entitled to receive 20% or more of the unencumbered value of the property of another person if that person were to be wound up, and
who are not linked to the principal entity by a public trust scheme, a wholesale unit trust scheme or a company whose shares are listed on the Australian Stock Exchange or an exchange of the World Federation of Exchanges, and
who is not a public unit trust scheme, a wholesale unit trust scheme or a company whose shares are listed on the Australian Stock Exchange or an exchange of the World Federation of Exchanges.
The value of the interest held via a linked entity is that portion of the unencumbered value the unit trust scheme or private company would be entitled to if each entity in the chain was wound up.
Interests
A person has an interest in a landholder if the person has an entitlement (otherwise than as a creditor or other person to whom the landholder is liable) to a distribution of property from the landholder on a winding up of the landholder or otherwise.
Significant interest
A person who has an interest in a landholder has a significant interest if, immediately after the interest was acquired, the person would be entitled to:
a) in the case of a private unit trust scheme - 20% or more of the property distributed, or
b) in the case of a landholder other than a private unit trust scheme - 50% or more of the property distributed.
Note: For acquisition duty only, an interest in a landholder is not counted if the interest concerned is an interest in:
a) a unit trust scheme acquired before 10 June 1987,or
b) a private company acquired before 21 November 1986, or
c) the interest concerned was acquired at a time when the landholder did not hold land in NSW.
Significant interest holder
A person is a 'significant interest holder' in relation to a landholder if the person has or had, at any time within the three years before the disposal, a significant interest in the landholder or an interest that, when aggregated with other interests held by any associated persons, amounts to a significant interest in the landholder.
Qualifying investor
A qualifying investor in a unit trust scheme means a person who holds units in the unit trust scheme in any of the following capacities:
a) as trustee of a complying superannuation fund that has not less than 300 members,
b) as trustee of a complying approved deposit fund that has not less than 300 members,
c) as the trustee of a pooled superannuation trust,
d) as the trustee of a public unit trust,
e) as a life company if its holdings of the units in the unit trust scheme is an investment of a statutory fund maintained by it under the Life Insurance Act 1995 of the Commonwealth (and, for the purposes of this paragraph, the holding of units by a life company by way of an investment of a statutory fund of the life company is taken to be a holding of units by the life company in a separate capacity form a holding of units by the life company by way of investment of another statutory fund of the life company),
f) as a custodian for a trustee, or a trustee for a life company, referred to in any of the preceding paragraphs in its capacity as such a custodian or trustee,
g) as the trustee of another wholesale unit trust scheme,
h) as the custodian or trustee for an Investor Directed Portfolio Service (IDPS), or within the meaning of the relevant ASIC policy statement, if the IDPS has not less than 300 clients or investors, none of whom (individually or together with any associated person) is beneficially entitled to more than 20 per cent of the property to which the IDPS relates,
i) as the responsible entity for a managed investment scheme registered under the Corporations Act 2001 of the Commonwealth (not being a person to which paragraph (d) or (h) applies), if the managed investment scheme has not less than 300 members, none of whom (individually or together with any associated person) is beneficially entitled to more than 20 per cent of the property to which the scheme relates,
j) as the Crown in right of the Commonwealth, a State or a Territory (including any statutory body representing the Crown in right of the Commonwealth, a State or a Territory),
k) in a capacity approved by the Chief Commissioner, being a capacity that the Chief Commissioner is satisfied corresponds to a capacity referred to in paragraphs (a) - (f) under the law of an external Territory or a foreign country,
l) as a corporation or unit trust scheme that is wholly owned by a person or persons who hold shares in the corporation or units in the unit trust scheme in a capacity approved by the Chief Commissioner, being a capacity that the Chief Commissioner is satisfied corresponds to a capacity referred to in paragraphs (a) - (f) under the law of an external Territory or a foreign country.
