89BConversion of a private unit trust scheme or wholesale unit trust scheme to a public unit trust scheme

89B Conversion of a private unit trust scheme or wholesale unit trust scheme to a public unit trust scheme S. 89B(1) amended by No. 17/2019 s. 4(2). (1) This section applies if, under an agreement or arrangement, a landholder that is a private unit trust scheme or wholesale unit trust scheme becomes, through whatever means, a public unit trust scheme. (2) All acquisitions of interests in the unit trust scheme under the agreement or arrangement are together taken to have been a relevant acquisition of 100% in the public unit trust scheme. S. 89B(3) amended by Nos 41/2013 s. 23, 17/2019 s. 4(3). (3) For the purposes of subsection (2), a relevant acquisition is taken to have been made on the date on which the private unit trust scheme or wholesale unit trust scheme became a public unit trust scheme. (4) The trustee of the public unit trust scheme must— (a) prepare an acquisition statement and lodge it with the Commissioner within 30 days after the date of the relevant acquisition; and S. 89B(4)(b) substituted by No. 22/2018 s. 7(1). (b) pay the duty chargeable (if any) on the relevant acquisition. S. 89B(4A) inserted by No. 22/2018 s. 7(2). (4A) Duty on a relevant acquisition under this section is chargeable at 10% of the duty that would be chargeable, at the rate specified under this Act for a transfer of dutiable property, on a transfer of all the land holdings of the landholder in Victoria (calculated on the unencumbered value of the land holdings at the date of the relevant acquisition). S. 89B(4B) inserted by No. 22/2018 s. 7(2). (4B) Subsection (4A) does not apply when determining the duty chargeable at the rate set out in section 28A. S. 89B(5) amended by No. 26/2015 s. 6. (5) A tax default occurs for the purposes of the **Taxation Administration Act 1997** if the whole of any duty chargeable under subsection (4)(b) is not paid to the Commissioner by the trustee of the public unit trust scheme within 30 days after liability for the duty arose. (6) Despite anything to the contrary in Division 1 of Part 2 of Chapter 11, nothing to which this section applies is capable of being an eligible transaction for the purposes of that Division. S. 89C substituted by No. 38/2012 s. 5.