Apply for registration as a wholesale unit trust scheme

Background information

The trustee of a unit trust scheme can apply to register the scheme as a wholesale unit trust scheme to gain concessionary treatment for landholder duty. 

Registration as a wholesale unit trust scheme is for 3 years from the date specified by the Commissioner. Registration may be backdated to an earlier date. The Commissioner may cancel the registration if the scheme no longer meets the registration requirements.  

Before applying, review the criteria in section 89S of the Duties Act 2000 and the public ruling on trust registration applications.

Step 1: Determine your eligibility

To be eligible for registration as a wholesale unit trust scheme, we must be satisfied that:

• the scheme was not established for a particular investor
• either: 
  • the trustee of the scheme, as trustee, holds directly or indirectly an interest in not less than 3 parcels of land within or outside Victoria, and at least 2 of those interests each have an unencumbered value of $10 million or more, or
  • at least 6 of the unit holders in the scheme who are not associated persons each have a subscription under the scheme of not less than $3 million
• not less than 70% of the units in the scheme are held by qualified investors
• no qualified investor, either alone or together with associated persons, holds 50% or more of the units in the scheme
• 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 Part 2 of Chapter 3 of the Act.

Step 2: Gather your supporting documents

You will need the following supporting documents for your application:

• A copy of the trust deed for the unit trust scheme, including all schedules and amending deeds.
• All documentation identifying the nature and purpose of the unit trust scheme and who could and has applied for units in the scheme (i.e. prospectus, product disclosure statement or information memorandum).
• A copy of the unit trust scheme’s profit and loss statement and balance sheet for the last 3 financial years.
• A copy of the unit trust scheme’s register of unit holders as at the application date.
• If registration is being sought from a date prior to the date of application, a copy of the scheme’s register of unit holders as at that earlier date and full and precise details of all acquisitions of units in the scheme from that date.

Step 3: Complete and lodge your application form 

The trustee of the unit trust scheme seeking registration must complete the application form online.

The form must be signed by or on behalf of the trustee of the scheme before lodgement.

Lodge the signed form and supporting documents by email or mail, marked to the attention of the Manager, Landholder Acquisitions Branch.

Email

landholder@sro.vic.gov.au

Mail

State Revenue Office
GPO Box 1641
Melbourne VIC 3001 

If you need assistance, please call us on 03 9628 0123.

Next steps

We will acknowledge your application in writing when we receive it and contact you if we need more information.