New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 54A

54A Transfers in relation to managed investment schemes

(1) Duty of $500 is chargeable in respect of a transfer of dutiable property from--

(a) a responsible entity of a managed investment scheme, or

(b) a person who held the dutiable property as a trustee of a prescribed interest scheme within the meaning of the Corporations Law as in force immediately before 1 July 1998 when the scheme became a registered scheme within the meaning of Division 11 of Part 11.2 of the Corporations Law (as continued in effect by section 1408 of the Corporations Act 2001 of the Commonwealth),

to a custodian or agent of the responsible entity as custodian or agent of the scheme in which the transferor held the dutiable property.

(2) Duty of $500 is chargeable in respect of a transfer of dutiable property from the custodian of the responsible entity of a managed investment scheme to the responsible entity.

(3) Duty of $500 is chargeable in respect of a vesting of land in New South Wales by statute law (as referred to in section 8 (1) (b) (vii)) in a responsible entity if the Chief Commissioner is satisfied that subsection (2) would apply in respect of the dutiable transaction if it were a transfer of dutiable property.

(4) Duty of $500 is chargeable in respect of a transfer of dutiable property from the sub-custodian of a custodian of the responsible entity of a managed investment scheme to the custodian of the responsible entity of the managed investment scheme.

(5) Duty of $500 is chargeable in respect of a transfer of dutiable property from a trustee of a wholly owned sub-trust of a managed investment scheme to a custodian of the trustee of that wholly owned sub-trust.

(6) Duty of $500 is chargeable in respect of a transfer of dutiable property from a custodian of the trustee of a wholly owned sub-trust of a managed investment scheme to that trustee.

(7) Duty of $500 is chargeable for a transfer of dutiable property arising from the deregistration of a managed investment scheme from the custodian of a trustee that was, immediately before the deregistration, the responsible entity of the scheme, to the trustee.

(8) In this section, a reference to a wholly owned sub-trust of a managed investment scheme includes--

(a) a sub-trust that is part of a chain of sub-trusts--

(i) that starts with a wholly owned sub-trust of a managed investment scheme, and

(ii) in which a link in the chain is formed if the sub-trust wholly owns the next sub-trust in the chain, and

(b) a sub-trust in which all of the units are owned, in any combination, by--

(i) the managed investment scheme, and

(ii) 1 or more other wholly owned sub-trusts of the managed investment scheme.

Example for paragraph (b)--: Managed Investment Scheme A owns 100% of the units in Sub-trust B. Managed Investment Scheme A owns 80% of the units in Sub-trust C. Sub-trust B owns the remaining 20% of units in Sub-trust C. Sub-trust C is a wholly owned sub-trust of Managed Investment Scheme A.

(9) A sub-trust is taken to be a
"wholly owned" sub-trust of a managed investment scheme or sub-trust (the
"controlling trust" ) if--

(a) the units in the sub-trust are wholly owned by the trustee of the controlling trust in the trustee's capacity as trustee of the controlling trust, or

(b) for a wholly owned sub-trust referred to in subsection (8)(b)--the units in the sub-trust owned by the trustee of any of the controlling trusts are owned by the trustee in the trustee's capacity as trustee of the controlling trust.

Example for paragraph (b)--: Managed Investment Scheme A owns 100% of the units in Sub-trust B. Managed Investment Scheme A owns 80% of the units in Sub-trust C. The trustee of Sub-trust B owns the remaining 20% of units in Sub-trust C in the trustee's capacity as trustee for Sub-trust B. Sub-trust C is taken to be a wholly owned sub-trust of both Managed Investment Scheme A and Sub-trust B.