sec.71When unit trust may be treated as widely held unit trust

### sec.71 When unit trust may be treated as widely held unit trust This section applies if the commissioner is satisfied— units in a unit trust (the start up units ) will be issued to the public to an extent and with the entitlements mentioned in section 70 (1) within 1 year after the first issue of units to the public; and the start up units are the only units in the unit trust to be issued from and including the first issue to the public until the unit trust becomes a widely held unit trust (the start-up period ). The commissioner may treat the unit trust as a widely held unit trust for the start-up period. However, if the start-up units are not issued in the way mentioned in subsection (1) (a) or are not the only units issued in the unit trust in the start-up period (the disqualifying circumstances )— the trustee must, within 28 days after the disqualifying circumstances happen, give the commissioner notice about the disqualifying circumstances; and the unit trust is taken not to have been a widely held unit trust in the start-up period; and the commissioner must make an assessment for transfer duty for each trust acquisition or trust surrender in the start-up period as if the trust were not a widely held unit trust in the period; and the start date for the Administration Act , section 54 (4) , is 61 days after the relevant trust acquisition or trust surrender. (sec.71-ssec.1) This section applies if the commissioner is satisfied— units in a unit trust (the start up units ) will be issued to the public to an extent and with the entitlements mentioned in section 70 (1) within 1 year after the first issue of units to the public; and the start up units are the only units in the unit trust to be issued from and including the first issue to the public until the unit trust becomes a widely held unit trust (the start-up period ). (sec.71-ssec.2) The commissioner may treat the unit trust as a widely held unit trust for the start-up period. (sec.71-ssec.3) However, if the start-up units are not issued in the way mentioned in subsection (1) (a) or are not the only units issued in the unit trust in the start-up period (the disqualifying circumstances )— the trustee must, within 28 days after the disqualifying circumstances happen, give the commissioner notice about the disqualifying circumstances; and the unit trust is taken not to have been a widely held unit trust in the start-up period; and the commissioner must make an assessment for transfer duty for each trust acquisition or trust surrender in the start-up period as if the trust were not a widely held unit trust in the period; and the start date for the Administration Act , section 54 (4) , is 61 days after the relevant trust acquisition or trust surrender. - (a) units in a unit trust (the start up units ) will be issued to the public to an extent and with the entitlements mentioned in section 70 (1) within 1 year after the first issue of units to the public; and - (b) the start up units are the only units in the unit trust to be issued from and including the first issue to the public until the unit trust becomes a widely held unit trust (the start-up period ). - (a) the trustee must, within 28 days after the disqualifying circumstances happen, give the commissioner notice about the disqualifying circumstances; and - (b) the unit trust is taken not to have been a widely held unit trust in the start-up period; and - (c) the commissioner must make an assessment for transfer duty for each trust acquisition or trust surrender in the start-up period as if the trust were not a widely held unit trust in the period; and - (d) the start date for the Administration Act , section 54 (4) , is 61 days after the relevant trust acquisition or trust surrender.