1.4 Concepts not unique to this analysis of a managed investment scheme

The concepts of “scheme”, “common enterprise”, “contributions” and “benefits”, and the distinction between “partnership” and “co-ownership” arrangements, are not unique to this analysis of a managed investment scheme. The same or similar concepts are fundamental to determining the nature of a person’s rights and obligations when participating in any arrangement between 2 or more persons owning or leasing a racehorse and apply under various federal and state laws, including Australian tax law (income tax, depreciation, capital gains, GST, etc.).