60Declaration of trust relating to managed investment

60 Declaration of trust relating to managed investment scheme Duty under this chapter is not payable in relation to a declaration of trust if the commissioner is satisfied that the declaration is made— (a) by a trustee in relation to dutiable property that, immediately before the trust is declared, is held by the trustee as trustee of the responsible entity of a managed investment scheme; and (b) for the purpose of holding the dutiable property on trust for the responsible entity of the managed investment scheme.