Definitions

Private landholder

A landholder is a 'private landholder' if the landholder is a private unit trust scheme or a private company.

Public landholder

A landholder is a 'public landholder' if the landholder is a public unit trust scheme or a listed company.

Private company

A 'private company' means a company that is not limited by shares, or whose shares are not quoted on the Australian Securities Exchange, the New Zealand Exchange, the London Exchange, the New York Exchange or any (other) exchange of the World Federation of Exchanges.

Private unit trust scheme

A 'private unit trust scheme' means a unit trust scheme that is not a public unit trust scheme.

Unit trust scheme

'Unit trust scheme' means any arrangements made for the purpose, or having the effect, of providing, for persons having funds available for investment, facilities for the participation by them, as beneficiaries under a trust, in any profits, income or distribution of assets arising from the acquisition, holding, management or disposal of any property whatever pursuant to the trust.

Without limiting the meaning of unit trust scheme, the following are taken to be unit trust schemes for the purposes of Chapter 4 of the Duties Act 1997:

  • a managed investment scheme,
  • any sub-trust of a unit trust scheme or a managed investment scheme

Public unit trust scheme

A 'public unit trust scheme' means a listed trust or a widely held trust.

Listed trust

A 'listed trust' means a unit trust scheme any of the units in which are quoted on the Australian Securities Exchange, the New Zealand Exchange, the London Exchange, the New York Exchange or any exchange of the World Federation of Exchanges.

Widely held trust

A 'widely held trust' means a unit trust scheme which has not less than 300 unit holders none of whom, individually or together with any associated person, is entitled to more than 20% of the units in the trust.

If a registered unit holder in a unit trust scheme holds units as a trustee for 2 or more trusts the unit holder is to be treated as a separate registered unit holder in relation to each of those trusts and the units held under each trust are to be treated as a separate unit holding. However, a trustee is not to be treated as a separate registered unit holder in relation to 2 or more trusts if, as separate registered unit holders in relation to those trusts, they would be associated persons.

Listed company

A 'listed company' means a company any of the shares of which are quoted on the Australian Securities Exchange, the New Zealand Exchange, the London Exchange, the New York Exchange or any exchange of the World Federation of Exchanges.

Related person

'Related person' means a person who is related to another person in accordance with any of the following provisions:

  • natural persons are related persons if:

    • one is the spouse or de facto partner of the other

    • one is the parent, brother or sister of the other

    • one is the spouse, or de facto partner, of a parent, child, brother or sister of the other,

  • companies are related persons if they are related bodies corporate

  • 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

  • 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 or discretionary trust) of which the trustee is a trustee

  • 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 or discretionary trust) of which the trustee is a trustee.

Associated person

For the purposes of the Duties Act, an associated person means a person who is associated with another person in accordance with the following provisions:

  • persons are associated persons if they are related persons

  • natural persons are associated persons if they are partners in a partnership to which the Partnership Act 1892 applies

  • companies are associated persons if the same person has a majority shareholding in each company

  • the trustee of a trust and the trustee of another trust are associated persons if any person is a beneficiary common to:
    1. both of the trusts, or

    2. one of the trusts and a sub-trust of the other trust, or

    3. any sub-trusts of the trusts,

  • a natural person and a trustee are associated persons if the natural person is a beneficiary of:
    1. the trust (not being a public unit trust scheme) of which the trustee is a trustee,

    2. a sub-trust (not being a public unit trust scheme) of that trust,

  • a company and a trustee are associated persons if any related body corporate of the company is a beneficiary of:
    1. the trust (not being a public unit trust scheme) of which the trustee is a trustee, or

    2. any sub-trust (not being a public unit trust scheme) of that trust

  • a private company and a trustee are associated persons if the company, or a majority shareholder or director of the company, is a beneficiary of:
    1. the trust (not being a public unit trust scheme) of which the trustee is a trustee, or

    2. any sub-trust (not being a public unit trust scheme) of that trust,
  • a company and the trustee of a unit trust scheme are associated persons if the shares in the company and the units in the unit trust scheme are "stapled", so that they cannot be traded except as a single security

  • trustees of unit trust schemes are associated persons if the units in the unit trust schemes are "stapled", so that they cannot be traded except as a single security.

However, the responsible entity for a managed investment scheme and the responsible entity for another managed investment scheme are considered to be associated persons only if:

  • a person who holds a significant interest in one scheme also holds a significant interest in the other scheme

  • a person holds a significant interest in one scheme and a related person to that person holds a significant interest in the other scheme.

A person holds a significant interest in a managed investment scheme if the person is a member of the scheme and has an interest in the scheme that (either alone or when aggregated with the interests in the scheme held by related persons who are members of the scheme) is an interest of more than 20%.

Without limiting the meaning of associated person, a public company and a subsidiary (within the meaning of the Corporations Act) of a public company are taken to be associated persons for the purposes of Chapter 4.

Interest in land

For the purposes of the Duties Act 1997, a mining lease or mineral claim granted under the Mining Act 1992 is taken to give the holder an interest in the land to which it relates.

For the purposes of the Duties Act 1997, the following do not give rise to an interest in land:

  • an assessment lease, exploration licence or opal prospecting licence under the Mining Act 1992,
  • a carbon sequestration right within the meaning of Division 4 of Part 6 of the Conveyancing Act 1919,
  • a petroleum title within the meaning of the Petroleum (Onshore) Act 1991
  • a licence, permit, lease, access authority or special prospecting authority under the Petroleum (Offshore) Act 1982.

Beneficiary of a trust

A person or a member of a class of people is a beneficiary of a trust, where capital of the trust may be applied:

  • in favour of the person of the person or class by way of the exercise of power or discretion
  • in the event that a discretion conferred under the trust is not exercised.

A beneficiary of a discretionary trust is taken to own or be entitled to the property of the trust.

Any property of the trust is taken to be the subject of any other discretionary trust:

  • that is a beneficiary of the trust
  • any trustee (in the capacity of trustee, is a beneficiary of the trust).
Note: a person includes a land holder.
Last updated: 20 July 2017