The trustee of a unit trust scheme can apply to register the scheme as a declared wholesale unit trust scheme to gain concessionary treatment under the landholder provisions of the Duties Act 2000.
Generally, the Commissioner will register a unit trust scheme as a declared wholesale unit trust scheme where the scheme does not quite meet the criteria for registration as a wholesale unit trust scheme but is considered to be wholesale in its nature and purpose.
Determine your eligibility
The Commissioner has issued two rulings, one providing guidance on certain issues relating to trust registration applications and the other outlining the factors taken into account when determining whether a scheme should be registered as a declared wholesale unit trust scheme. You should take note of these rulings and the relevant issues, which include:
- The purpose and nature of the scheme and whether it is effectively wholesale.
- Whether the scheme was established for a particular investor or for a specific type of investor, i.e. public, professional or institutional.
- Whether units in the scheme have been offered to retail investors or restricted to professional and institutional investors.
- The degree of ownership and/or control a particular investor or group of related investors has over the scheme.
- The percentage of units in the scheme held by qualified investors either alone or together with associated persons.
- The value of each unit holder’s subscription under the scheme.
- The direct and indirect land holdings of the scheme, including the unencumbered value of each land holding.
- The factors restricting the scheme’s ability to satisfy the criteria of a wholesale unit trust scheme and whether the scheme is eligible to be registered as an imminent wholesale unit trust scheme.
Complete your application form
If the scheme is eligible to be registered as a declared wholesale unit trust scheme, the online Duties Form 60 SmartForm must be completed by the trustee of the unit trust scheme seeking registration.
The form must be signed by or on behalf of the trustee of the scheme prior to lodgement.
If you need assistance, please contact the Landholder Acquisitions Branch on 03 9628 0123.
Gather your supporting documents
You must gather the following supporting documents in support of 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 statement of financial performance (profit and loss statement) and statement of financial position (balance sheet) for the last three 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.
Lodge your application
The SmartForm should be completed and lodged with the Landholder Acquisitions Branch together with any supporting documentation via email or mail marked to the attention of the Manager, Landholder Acquisitions Branch.
State Revenue Office
GPO Box 1641
Melbourne VIC 3001
State Revenue Office
We will acknowledge your application in writing when we receive it and contact you if we need more information.