Does a unit trust need to lodge a prospectus with ASIC?
Companies may be required to lodge a prospectus under Chapter 6D of the Corporations Act 2001. A unit trust will not need to lodge a "prospectus" under Chapter 6D, as it only applies to companies and securities (basically shares).
However, some "managed investment schemes" are required to be registered under Chapter 5C of the Corporations Act 2001.
Basically, most unit trusts would probably fall within the definition of "managed investment scheme", but if they have less than 20 unitholders, they don't have to worry about registering with ASIC - Refer S.601ED of the Corporations Act 2001.