What is it?
This trust contains provisions which are set out in a practice compliance guideline issued by the Commissioner of Taxation as to what constitutes a fixed trust for income tax purposes.
What does it have?
Within this deed there are references to the practice compliance guidelines. The deed has things like a definition of “fair value” and a reference to accounting standards which are relevant with redemption of units, transfer of units and allotment of new units. All of these trust transactions can only take place at fair value which is defined as a minimum as a reference to net asset value. These trusts are a sophisticated, special purpose product which should only be purchased in consultation with PGG legal.
