Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p37
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 37/41)
Character Range: 4331876–4334507

meaning of the Future Fund Act 2006) held by the *Future Fund Board are taken, for the purposes of subparagraph (4)(k)(ii), to be held by the Future Fund Board in its own right.
 (5) The rules are as follows:
 (a) if an entity that is not a trust holds interests in the trust indirectly, through a *chain of trusts:
 (i) treat the entity as a member of the trust; and
 (ii) do not treat a trust in the chain of trusts as a member of the trust;
 (b) do not treat an object of the trust as a member of the trust;
 (c) if the trust is mentioned in subparagraph 275‑10(3)(d)(i) (trusts with wholesale membership)—do not treat an individual as a member of the trust (other than an individual who became a member of the trust because a financial product or a financial service was provided to, or acquired by, the individual as a wholesale client (within the meaning of the Corporations Act 2001));
 (d) the rules in subsection (7).
 (6) For the purposes of paragraph (5)(a), treat an entity covered by subsection (4) as an entity that is not a trust.
 (7) The rules are as follows:
 (a) treat the following entities as together being one entity:
 (i) an individual;
 (ii) each of his or her *relatives;
 (iii) each entity acting in the capacity of nominee of an individual mentioned in subparagraph (i) or (ii);
 (b) treat the following entities as together being one entity (the notional entity):
 (i) an entity that is not an individual;
 (ii) each entity acting in the capacity of nominee of the entity mentioned in subparagraph (i).
 (8) For the purposes of subsection (5), if the entity mentioned in subparagraph (7)(b)(i) is an entity covered by subsection (4), treat the notional entity as an entity covered by subsection (4).

275‑25  Widely‑held requirements for registered MIT—special case for entities covered by subsection 275‑20(4)
 (1) The trust satisfies the requirements in this subsection in relation to the income year if:
 (a) one or more entities covered by subsection 275‑20(4) have a total *MIT participation interest in the trust of more than 25% at the time the payment mentioned in paragraph 275‑10(3)(a) is made; and
 (b) at no time in the income year does an entity (other than an entity covered by subsection 275‑20(4)) have a MIT participation interest in the trust of more than 60%.
 (2) For the purposes of paragraphs (1)(a) and (b):
 (a) if:
 (i) an entity covered by subsection 275‑20(4) has a *MIT participation interest (the first interest) in the trust; and
 (ii) another entity covered by subsection 275‑20(4) also has a MIT participation interest (the second interest) in the trust;
  disregard the