54ATransfers in relation to managed investment schemes

#### 54A Transfers in relation to managed investment schemes 54A Transfers in relation to managed investment schemes > > (1) Duty of $500 is chargeable in respect of a transfer of dutiable property from— > > > > > (a) a responsible entity of a managed investment scheme, or > > > > > (b) a person who held the dutiable property as a trustee of a prescribed interest scheme within the meaning of the [Corporations Law](/view/html/inforce/current/sl-1999-0703) as in force immediately before 1 July 1998 when the scheme became a registered scheme within the meaning of Division 11 of Part 11.2 of the [Corporations Law](/view/html/inforce/current/sl-1999-0703) (as continued in effect by section 1408 of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth), > > > > to a custodian or agent of the responsible entity as custodian or agent of the scheme in which the transferor held the dutiable property. > > > (2) Duty of $500 is chargeable in respect of a transfer of dutiable property from the custodian of the responsible entity of a managed investment scheme to the responsible entity. > > > (3) Duty of $500 is chargeable in respect of a vesting of land in New South Wales by statute law (as referred to in section 8 (1) (b) (vii)) in a responsible entity if the Chief Commissioner is satisfied that subsection (2) would apply in respect of the dutiable transaction if it were a transfer of dutiable property. > > > (4) Duty of $500 is chargeable in respect of a transfer of dutiable property from the sub-custodian of a custodian of the responsible entity of a managed investment scheme to the custodian of the responsible entity of the managed investment scheme. > > > (5) Duty of $500 is chargeable in respect of a transfer of dutiable property from a trustee of a wholly owned sub-trust of a managed investment scheme to a custodian of the trustee of that wholly owned sub-trust. > > > (6) Duty of $500 is chargeable in respect of a transfer of dutiable property from a custodian of the trustee of a wholly owned sub-trust of a managed investment scheme to that trustee. > > > (7) Duty of $500 is chargeable for a transfer of dutiable property arising from the deregistration of a managed investment scheme from the custodian of a trustee that was, immediately before the deregistration, the responsible entity of the scheme, to the trustee. > > > (8) In this section, a reference to a wholly owned sub-trust of a managed investment scheme includes— > > > > > (a) a sub-trust that is part of a chain of sub-trusts— > > > > > > > (i) that starts with a wholly owned sub-trust of a managed investment scheme, and > > > > > > > (ii) in which a link in the chain is formed if the sub-trust wholly owns the next sub-trust in the chain, and > > > > > (b) a sub-trust in which all of the units are owned, in any combination, by— > > > > > > > (i) the managed investment scheme, and > > > > > > > (ii) 1 or more other wholly owned sub-trusts of the managed investment scheme. > > > > > > Example for paragraph (b)— > > > > > > Managed Investment Scheme A owns 100% of the units in Sub-trust B. Managed Investment Scheme A owns 80% of the units in Sub-trust C. Sub-trust B owns the remaining 20% of units in Sub-trust C. Sub-trust C is a wholly owned sub-trust of Managed Investment Scheme A. > > > (9) A sub-trust is taken to be a wholly owned sub-trust of a managed investment scheme or sub-trust (the controlling trust) if— > > > > > (a) the units in the sub-trust are wholly owned by the trustee of the controlling trust in the trustee’s capacity as trustee of the controlling trust, or > > > > > (b) for a wholly owned sub-trust referred to in subsection (8)(b)—the units in the sub-trust owned by the trustee of any of the controlling trusts are owned by the trustee in the trustee’s capacity as trustee of the controlling trust. > > > > > > Example for paragraph (b)— > > > > > > Managed Investment Scheme A owns 100% of the units in Sub-trust B. Managed Investment Scheme A owns 80% of the units in Sub-trust C. The trustee of Sub-trust B owns the remaining 20% of units in Sub-trust C in the trustee’s capacity as trustee for Sub-trust B. Sub-trust C is taken to be a wholly owned sub-trust of both Managed Investment Scheme A and Sub-trust B. > > **s 54A:** Ins 1998 No 104, Sch 2 \[12\]. Subst 1999 No 10, Sch 2 \[4\]. Am 2001 No 34, Sch 4.14 \[4\]; 2005 No 51, Sch 1 \[7\]; 2008 No 122, Sch 1.2 \[5\]; 2009 No 51, Sch 1.5 \[11\]; 2012 No 76, Sch 1 \[5\]; 2023 No 18, Sch 1\[5\]; 2023 No 26, Sch 1\[3\].