Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p33
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 33/41)
Character Range: 4322026–4324664

time the payment is made:
 (i) the trust is covered by section 275‑15 (trusts with wholesale membership); or
 (ii) if the trust is not covered by section 275‑15—the trust is registered under section 601EB of the Corporations Act 2001; and
 (e) the trust satisfies, in relation to the income year:
 (i) if, at the time the payment is made, the trust is registered under section 601EB of the Corporations Act 2001 and is covered by section 275‑15—either or both of the widely‑held requirements in subsections 275‑20(1) and 275‑25(1); or
 (ii) if, at the time the payment is made, the trust is so registered and is not covered by section 275‑15—either or both of the widely‑held requirements in subsections 275‑20(2) and 275‑25(1); or
 (iii) if, at the time the payment is made, the trust is not so registered and is covered by section 275‑15—the widely‑held requirements in subsection 275‑20(1); and
 (f) the trust satisfies the closely‑held restrictions in subsection 275‑30(1) in relation to the income year; and
 (g) if the trust is covered by section 275‑15 at the time the payment is made—it satisfies the licensing requirements in section 275‑35 in relation to the income year.

Trading unit trust or other trust carrying on trading business etc. cannot be managed investment trust
 (4) A trust is covered by this subsection in relation to an income year if:
 (a) in the case of a unit trust—the trust is a trading trust for the purposes of Division 6C of Part III of the Income Tax Assessment Act 1936 in relation to the income year; or
 (b) in any other case—the trust at any time in the income year:
 (i) carried on a trading business (within the meaning of that Division); or
 (ii) controlled, or was able to control, directly or indirectly, the affairs or operations of another person in respect of the carrying on by that other person of a trading business (within the meaning of that Division).
 (4A) In determining whether a trust is covered by subsection (4), disregard any interest that the trust has in an *AFOF, an *ESVCLP or a *VCLP unless:
 (a) the trust is a *general partner of the AFOF, ESVCLP or VCLP; or
 (b) the trust has *committed capital in the partnership that, taken together with the sum of the amounts of committed capital in the partnership of any of that partner's *associates (other than associates to whom subsection (4B) applies), exceeds 30% of the partnership's committed capital.
 (4B) This subsection applies to:
 (a) an *ADI; or
 (b) a *life insurance company; or
 (c) a public authority:
 (i) that is constituted by a law of a State or internal Territory; and
 (ii) that carries on life insurance