Managed investment schemes
The Duties Act 1997 provides some concessions for certain instruments and transfers related to Managed Investment Schemes. The concessions are contained in Section 54 and 59 of the Duties Act.
Under the Duties Act 1997 a 'managed investment scheme' means a managed investment scheme within the meaning of Chapter 5C of the Corporations Act 2001 of the Commonwealth, and includes a public unit trust scheme.
Under the Duties Act 1997 a 'responsible entity' of a managed investment scheme has the same meaning as in the Corporations Act 2001 of the Commonwealth.
Under the Corporations Act 2001 of the Commonwealth a 'responsible entity' of a registered scheme means the company named in ASIC's record of the scheme's registration as the responsible entity or temporary responsible entity of the scheme.
Under the Corporations Act 2001 of the Commonwealth a 'managed investment scheme' means:
a) a scheme that has the following features:
(i) people contribute money or money's worth as consideration to acquire rights (interests) to benefits produced by the scheme (whether the rights are actual, prospective or contingent and whether they are enforceable or not);
(ii) any of the contributions are to be pooled, or used in a common enterprise, to produce financial benefits, or benefits consisting of rights or interests in property, for the people (the members) who hold interests in the scheme (whether as contributors to the scheme or as people who have acquired interests from holders);
(iii) the members do not have day-to-day control over the operation of the scheme (whether or not they have the right to be consulted or to give directions); or
b) a time-sharing scheme.
More information
