New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 59

59 Instrument relating to managed investment scheme

(1) Duty of $500 is chargeable in respect of an instrument that effects or evidences a dutiable transaction and which--

(a) amends, varies or replaces an instrument that establishes or governs a managed investment scheme, and

(b) does not transfer, or have the effect of transferring, any dutiable property to a person who does not hold units in the scheme, and

(c) does not have the effect of reducing the number of persons who hold units in the scheme.

(2) Duty of $500 is chargeable in respect of a declaration of trust--

(a) made by a trustee in respect of dutiable property that, immediately before the trust is declared, is held by the trustee as trustee of the prescribed interest scheme within the meaning of the Corporations Law as in force immediately before 1 July 1998, and

(b) to hold the dutiable property on trust for the responsible entity of the managed investment scheme.