The PIF securities being traded are units in the trust and not...

The PIF securities being traded are units in the trust and not shares.

See 'Security Type' at http://www.nsxa.com.au/security_details.asp?nsxcode=PIN

We don't even need to 'sell' our units. I can transfer my units and their trust Beneficiary rights/entitlements to whoever I want. I just need to complete and send the appropriate form to Wellington.

Say I have a family member with a capital gain they will have to pay tax on. What's stopping me minimising tax by transferring my Beneficiary rights to that family member at Wellington's valuation and have them sell the units on the NSX so they can offset some of the capital losses against their capital gains.

Perhaps that's why ASIC is involved. I.e. the ATO doesn't like blurring of the lines between trust units and shares?