Stapling is an arrangement under which different securities (usually a share in a company and a unit in a unit trust or managed investment scheme) are admitted to the official list of the ASX on the basis that the stapled securities cannot be traded separately. Stapling is common for a number of listed property trusts. They are structured in this way so that the "trading" activities (generally property development or construction) are conducted by the management company and its subsidiaries whilst the passive activities i.e. holding property for rent are held within the trust. From an investor's perspective this is advantageous because the pass through tax nature of the trust gives the security holder the benefit of tax free or tax reduced distributions (generally due to depreciation allowances) as well as taxed income via dividends on the shares (which may have franking credits). Stockland is an early example of a stapled structure. More recent examples are Westfield and Multiplex.