A “managed investment scheme” can be defined as a scheme where people contribute money or money’s worth to acquire rights to benefits produced by the scheme. Any contributions made are pooled or used in a common enterprise to produce financial benefits for the members of the scheme but the members do not have control over the day-to-day operation of the scheme.

a managed investment scheme, each of the following elements must exist:

  1. it must be a “scheme”
  2. it must involve a contribution of money or money’s worth to acquire rights to benefits
  3. the contributions are to be pooled or used in a common enterprise to produce benefits for the scheme members and
  4. the members do not have day-to-day control over the scheme operations.
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