Victorian Numbered Acts

DUTIES AND LAND TAX ACTS (AMENDMENT) ACT 2005 (NO 85 OF 2005) - SECT 10

    (1)     In section 89K(1) of the Duties Act 2000 —

        (a)     in the definition of "qualified investor", after paragraph (g) insert —

    "(ga)     as custodian or trustee for an investor directed portfolio service, within the meaning of the relevant ASIC policy statement, if the custodian or trustee holds its interest in the unit trust scheme for not less than 300 clients as investors through the service, none of whom (individually or together with any associated person) is beneficially entitled to more than 20% of the units held by the custodian or trustee in the unit trust scheme;";

        (b)     in the definition of "qualified investor", in paragraph (h), for "sub-section (3)." substitute "sub-section (3);";

        (c)     after the definition of "qualified investor" insert —

' "relevant ASIC policy statement" means the policy statement "PS 148: Investor Directed Portfolio Services" published by the Australian Securities and Investments Commission, or any other policy statement published by that Commission that the Commissioner from time to time approves for the purposes of this Division.'.

    (2)     For section 89K(3) of the Duties Act 2000 substitute —

    '(3)     The Commissioner may approve a capacity to be a capacity for the purposes of paragraph (h) of the definition of "qualified investor" in sub-section (1) if satisfied that—

        (a)     the capacity corresponds to a capacity referred to in paragraph (a), (b), (c), (d), (e) or (f) of that definition under the law of an external Territory or of a country outside Australia; or

        (b)     the capacity is as a wholly owned subsidiary (within the meaning of the Corporations Act) of a person in a capacity referred to in paragraph (a).'.

    (3)     After section 89N(2) of the Duties Act 2000 insert —

    "(3)     The Commissioner may impose any conditions he or she considers appropriate on the registration of a unit trust scheme as a declared public unit trust scheme.".

    (4)     After section 89PA(2) of the Duties Act 2000 insert —

    "(3)     The Commissioner may impose any conditions he or she considers appropriate on the registration of a unit trust scheme as a declared wholesale unit trust scheme.".