Document ID: chunk:federal_register_of_legislation:C2025C00185:section:9:p37
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 9 (pt 37/63)
Character Range: 168062–170796

as consideration to acquire rights (interests) to benefits produced by the scheme (whether the rights are actual, prospective or contingent and whether they are enforceable or not);
 (ii) any of the contributions are to be pooled, or used in a common enterprise, to produce financial benefits, or benefits consisting of rights or interests in property, for the people (the members) who hold interests in the scheme (whether as contributors to the scheme or as people who have acquired interests from holders);
 (iii) the members do not have day‑to‑day control over the operation of the scheme (whether or not they have the right to be consulted or to give directions); or
 (b) a time‑sharing scheme;
but does not include the following:
 (c) a partnership that has more than 20 members but does not need to be incorporated or formed under an Australian law because of regulations made for the purposes of subsection 115(2);
 (d) a body corporate (other than a body corporate that operates as a time sharing scheme);
 (e) a scheme in which all the members are bodies corporate that are related to each other and to the body corporate that promotes the scheme;
 (f) a franchise;
 (g) a statutory fund maintained under the Life Insurance Act 1995;
 (h) a regulated superannuation fund, an approved deposit fund, a pooled superannuation trust or a public sector superannuation scheme;
 (i) a scheme operated by an Australian ADI in the ordinary course of its banking business;
 (j) the issue of debentures or convertible notes by a body corporate;
 (k) a barter scheme under which each participant may obtain goods or services from another participant for consideration that is wholly or substantially in kind rather than in cash;
 (l) a retirement village scheme operating within or outside Australia:
 (i) under which the participants, or a majority of them, are provided, or are to be provided, with residential accommodation within a retirement village (whether or not the entitlement of a participant to be provided with accommodation derives from a proprietary interest held by the participant in the premises where the accommodation is, or is to be, provided); and
 (ii) which is not a time‑sharing scheme;
 (m) a scheme that is operated by a co‑operative company registered under Part VI of the Companies (Co‑operative) Act 1943 of Western Australia or under a previous law of Western Australia that corresponds to that Part;
 (ma) a contribution plan;
 (maa) an ESS contribution plan for an offer of ESS interests that is eligible to be made under Division 1A of Part 7.12;
 (mb) the provision of a crowd‑funding service;
 (n) a scheme of a kind declared by the regulations not to be a managed investment scheme.
Note 1: Paragraph