157AHConsequences of disqualifying circumstance

#### 157AH Consequences of disqualifying circumstance 157AH Consequences of disqualifying circumstance > > (1) When a disqualifying circumstance occurs in relation to a unit trust scheme that is registered— > > > > > (a) the unit trust scheme is taken to have been a private unit trust scheme from the beginning of the relevant day, and > > > > > (b) the acquisition of a significant interest in the unit trust scheme made on or after the relevant day is a relevant acquisition, and > > > > > (c) the Chief Commissioner must make an assessment of duty chargeable under this Act as a result of the operation of paragraphs (a) and (b), and > > > > > (d) a tax default occurs for the purposes of the [Taxation Administration Act 1996](/view/html/inforce/current/act-1996-097) if the whole of any duty assessed under paragraph (c) is not paid within 30 days after the liability to pay the duty arises. > > > (2) However, this section does not apply if the Chief Commissioner is satisfied that the application of this section to the scheme in the circumstances would not be just or reasonable. > > > (3) In this section— > > > > relevant day, for a unit trust scheme that is registered, means— > > > > > (a) the day the disqualifying circumstance occurred, or > > > > > (b) the day on which registration of the scheme commenced if— > > > > > > > (i) the scheme is an imminent wholesale unit trust scheme, and > > > > > > > (ii) the disqualifying circumstance means the scheme will not be a wholesale unit trust scheme within 12 months after the day on which the first units in the scheme are issued to a qualified investor. > > **s 157AH:** Ins 2023 No 26, Sch 1\[8\].