3GApplication of this Act to corporate collective investment vehicles

3G Application of this Act to corporate collective investment vehicles (1) For the purposes of this Act, each sub-fund of a CCIV is taken to be a unit trust scheme of which— (a) the CCIV is the trustee; and (b) the business, assets and liabilities of the sub‑fund are the trust property; and (c) the members of the sub-fund are the beneficiaries. (2) For a sub-fund that is taken to be a unit trust scheme under subsection (1)— (a) a share in the CCIV that is referable to that sub-fund is taken to be a unit in the unit trust scheme; and (b) any rights, entitlements, obligations and other characteristics attaching to that share are taken, as far as practicable, to be the same rights, entitlements, obligations and other characteristics attaching to the unit. (3) For the purposes of this Act, a sub-fund that is taken to be a unit trust scheme under subsection (1) must be treated as an excluded trust if— (a) all shares that are referable to the sub‑fund are quoted on one of the following exchanges— (i) the ASX or an equivalent exchange; (ii) the LSE; (iii) the NYSE; (iv) the NZX; (v) any exchange of the World Federation of Exchanges; or (b) both of the following apply— (i) there are at least 50 members who hold shares that are referable to the sub-fund; (ii) none of those members, either individually or together with associated persons, holds more than 20% of those shares; or (c) the sub-fund— (i) is taken to be a unit trust scheme under the **Duties Act 2000**; and (ii) is declared as a public unit trust scheme under Division 6 of Part 2 of Chapter 3 of that Act; or (d) the sub-fund— (i) is taken to be a unit trust scheme under the **Duties Act 2000**; and (ii) is registered under Division 6 of Part 2 of Chapter 3 of that Act as a wholesale unit trust scheme, an imminent wholesale unit trust scheme or a declared wholesale unit trust scheme. (4) For the purposes of this Act, a CCIV is taken to be a separate person in relation to each unit trust scheme of which it is the trustee under subsection (1). (5) This Act does not apply to a CCIV or the members of a sub-fund of a CCIV except as provided in this section. A CCIV has 2 sub-funds: sub-fund A and sub-fund B. The assets of sub-fund A include Blackacre, which has a taxable value of $10 million. The assets of sub-fund B include Whiteacre, which has a taxable value of $5 million. The CCIV is the owner of Blackacre as the trustee of the unit trust scheme that is sub-fund A. Separately, the CCIV is the owner of Whiteacre as the trustee of the unit trust scheme that is sub-fund B. If the assets of sub-fund A include shares that are referable to sub-fund B, then the CCIV, as the trustee of the unit trust scheme that is sub-fund A, is a unitholder and beneficiary of the unit trust scheme that is sub-fund B.