Commonwealth Numbered Acts Commonwealth Numbered Acts(1) A Real Estate Investment Vehicle is an Entity that meets all of the following criteria:
(a) taxation of the Entity achieves a single level of taxation either in its hands or the hands of the holders of the Ownership Interests in the Entity (with at most one year of deferral);
(b) it holds predominantly immovable property;
(c) it is widely held.
(2) An Investment Fund is an Entity that meets all of the following criteria:
(a) it is designed to pool assets (which may be financial and non - financial) from a number of investors, at least some of whom are not connected;
(b) it invests in accordance with a defined investment policy;
(c) it allows investors to reduce transaction, research and analytical costs, or to spread risk collectively;
(d) it is primarily designed to generate investment income or gains, or protect against a specific or general event or outcome;
(e) its investors have a right to return from its assets or income earned on those assets, based on the contributions made by those investors;
(f) it or its management is subject to a regulatory regime in the jurisdiction in which it is established or managed, including appropriate anti - money laundering and investor protection regulations;
(g) it is managed by investment fund management professionals on behalf of its investors.
(3) For the purposes of paragraph (2)(a), an investor is connected to another investor if:
(a) under paragraph 8 of Article 5 of the OECD Model Tax Convention, the investor is closely related to the other investor for the purposes of that Article; or
(b) the investor is a spouse or de facto partner (within the meaning of the Acts Interpretation Act 1901 ), parent or remoter lineal ancestor, child or remoter issue, or sibling of the other investor.
(4) For the purposes of paragraph (3)(b):
(a) without limiting who is a child of another person, a person is the child of another person if the person is a child of the other person within the meaning of the Family Law Act 1975 ; and
(b) without limiting who is a parent of another person, a person is the parent of another person if the other person is the person's child because of paragraph (a); and
(c) if one person is the child of another person because of paragraph (a), relationships traced to or through that person are to be determined on the basis that the person is the child of the other person.