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In many master trusts the underlying (investment options) wholesale funds are specific to that master trust. This means that you have to sell the underlying investments in one master trust to invest in another master trust. If you owned funds in the Colonial First State FirstChoice Master Trust you could not transfer them to similar funds in the Perpetual WealthFocus product. Instead you would have to sell the underlying investments in one product and repurchase them in the other product resulting in capital gains tax.
In most cases investment WRAP accounts are a custodial service so investors that own Perpetual Wholesale Industrial Share Fund in one WRAP account could “in specie” transfer to another WRAP account or custodial service without triggering a change of ownership or capital gains tax. It is important to note that in the case of superannuation WRAP accounts the assets are owned by the Trustee of the super fund and as such cannot be transferred “in specie”. Changing from one superannuation WRAP account to another results in a change of the Trustee and hence a sale of the underlying investments with the corresponding 10% capital gains tax applicable to super funds.
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| Wrap Accounts | Access wholesale managed funds without needing to meet the high minimum investment amounts. more info
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| Wealthtrac | A direct access wrap account with special 2020 discounted rates. more info
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