Australian Capital Territory Consolidated Acts

DUTIES ACT 1999 - SECT 95J

    (1)     If a disqualifying circumstance happens in relation to a registered unit trust scheme—

        (a)     the responsible entity of the unit trust scheme must give the commissioner written notice of the disqualifying circumstance not later than 28 days after the day it happens; and

        (b)     the unit trust scheme is taken to have not been a public unit trust scheme or wholesale unit trust scheme on and after the disqualification date; and

        (c)     the commissioner must make an assessment of duty chargeable under this Act in relation to any acquisition of an interest in the unit trust scheme as if the unit trust scheme had not been a wholesale unit trust scheme or public unit trust scheme, as the case requires, on and after the disqualification date; and

        (d)     a tax default happens for the purposes of the Taxation Administration Act if the whole of any duty assessed under paragraph (c) is not paid to the commissioner within 90 days after the assessment.

Note     Disqualifying circumstance —see s 95A.

    (2)     For this section, the "disqualification date" means—

        (a)     in relation to a unit trust scheme registered as a wholesale unit trust scheme—the date on which the disqualifying circumstance happens; or

        (b)     in relation to a unit trust scheme registered as an imminent public unit trust scheme or imminent wholesale unit trust scheme—the date of effect under section 95F (1) of the registration of the unit trust scheme.