Duties Act 2000

On application by the trustee of a unit trust scheme, the Commissioner may register the unit trust scheme as an imminent wholesale unit trust scheme if the Commissioner is satisfied that the scheme meets the criteria for registration as an imminent wholesale unit trust scheme.

The criteria for registration as an imminent wholesale unit trust scheme are—

the unit trust scheme will meet the criteria for registration as a wholesale unit trust scheme within 12 months after the day on which the first units in the scheme were issued to a qualified investor; and

units issued in the scheme, before the scheme meets the criteria for registration as a wholesale unit trust scheme, have been and will be issued only for the purpose of the scheme meeting those criteria; and

registration is not being sought for the purpose of, or as part of a scheme or arrangement with a collateral purpose of, avoiding or reducing duty otherwise chargeable under this Part.