Duties Act 2001

This section applies if the commissioner is satisfied—

units in a unit trust (the start up units) will be issued to the public to an extent and with the entitlements mentioned in section 70(1) within 1 year after the first issue of units to the public; and

the start up units are the only units in the unit trust to be issued from and including the first issue to the public until the unit trust becomes a widely held unit trust (the start-up period).

The commissioner may treat the unit trust as a widely held unit trust for the start-up period.

However, if the start-up units are not issued in the way mentioned in subsection (1)(a) or are not the only units issued in the unit trust in the start-up period (the disqualifying circumstances)—

the trustee must, within 28 days after the disqualifying circumstances happen, give the commissioner notice about the disqualifying circumstances; and

the unit trust is taken not to have been a widely held unit trust in the start-up period; and

the commissioner must make an assessment for transfer duty for each trust acquisition or trust surrender in the start-up period as if the trust were not a widely held unit trust in the period; and

the start date for the Administration Act, section 54(4), is 61 days after the relevant trust acquisition or trust surrender.