Victorian Numbered Acts

DUTIES AND LAND TAX ACTS (AMENDMENT) ACT 2005 (NO 85 OF 2005) - SECT 3

    (1)     In section 3(1) of the Duties Act 2000 —

        (a)     insert the following definition—

' "National Schedule" means the Schedule to the Road Transport Charges (Australian Capital Territory) Act 1993 of the Commonwealth;';

        (b)     for the definition of "listed trust" substitute —

' "listed trust" means—

        (a)     a unit trust scheme all the units in which are quoted on the Australian Stock Exchange; or

        (b)     a unit trust scheme—

              (i)     all the units in which are quoted on any exchange of the World Federation of Exchanges (other than the Australian Stock Exchange); and

              (ii)     that is declared by the Commissioner under sub-section (4)(a) to be a listed trust;';

        (c)     for the definition of "MRC" substitute —

' "MRC" (Mass Rating for Charging) has the same meaning as in the National Schedule;';

        (d)     for the definition of "private company" substitute —

' "private company" means—

        (a)     a corporation that is not limited by shares; or

        (b)     a corporation that is not listed and whose shares are not quoted on the Australian Stock Exchange or any exchange of the World Federation of Exchanges; or

        (c)     a corporation declared by the Commissioner under sub-section (4)(b) to be a private company;';

        (e)     in the definition of "widely held trust", for paragraphs (b) and (c) substitute —

    "(b)     that has not less than 300 registered unitholders; and

        (c)     in which units have been offered to the public under a prospectus or product disclosure statement lodged with the Australian Securities and Investments Commission; and

        (d)     none of the registered unitholders in which, either individually or together with associated persons, holds or is entitled to more than 20% of the units in the scheme.".

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

    '(4)     The Commissioner, by instrument, may—

        (a)     declare that a unit trust scheme all the units in which are quoted on any exchange of the World Federation of Exchanges (other than the Australian Stock Exchange) is a listed trust for the purposes of this Act if the Commissioner is satisfied that the listing of the unit trust scheme was not for the purpose of, or as part of a scheme or arrangement with a collateral purpose of, avoiding or reducing duty otherwise chargeable under Part 2 of Chapter 3;

        (b)     declare that a corporation is a private company for the purposes of this Act if the Commissioner is satisfied that the listing of the corporation was for the purpose of, or as part of a scheme or arrangement with a collateral purpose of, avoiding or reducing duty otherwise chargeable under Part 2 of Chapter 3.

    (5)     For the purposes of the definition of "widely held trust" in sub-section (1), if a registered unitholder holds units as a trustee of a number of different trusts, the unitholder is taken to be a separate registered unitholder in relation to each trust and the units held are taken to be separate unitholdings, except where the beneficiaries of the trusts are the same or associated persons.'.