The concepts of “scheme”, “common enterprise”, “contributions” and “benefits”, and the distinction between “partnership”, “unit trust” 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.).
The use by the courts of the concept of “control in fact” is also not unique to the law relating to managed investment schemes. The different control tests and contexts in which the concept of “control in fact” is applied are considered in Appendix D.