Duties Act 2001

For section 75(1), a unit trust that is a managed investment scheme is taken to be an exempt managed investment scheme, during the deeming period for the trust, if the scheme has been approved under section 76F as a deregistered managed investment scheme.

In this section—deeming period, for a unit trust, means the period—

starting immediately before the first trust acquisition or trust surrender of a trust interest in the trust following its deregistration under the Corporations Act, section 601PA; and

ending immediately before the time that either of the following happens—

the ASIC order mentioned in section 76F(3)(a) ceases to apply;

a unit in the trust is issued or transferred to a person who is not a wholesale client.