Document ID: chunk:federal_register_of_legislation:C2011C00698:clause:3_3:p4
Version: federal_register_of_legislation:C2011C00698
Segment Type: clause
Provision Reference: sch 3 cl 3 (pt 4/5)
Character Range: 38149–40778

otherwise realises the asset; and
 (d) disregarding this section:
 (i) the net proceeds (if any) from the disposal, cessation or realisation would not be reflected in an amount being included in the assessable income of the managed investment trust (other than under Part 3‑1 or 3‑3); and
 (ii) the gain or profit (if any) on the disposal, cessation or realisation would not be reflected in an amount being included in the assessable income of the managed investment trust (other than under Part 3‑1 or 3‑3); and
 (iii) the loss (if any) on the disposal, cessation or realisation would not be reflected in an amount being deductible by the managed investment trust.

 (2) For the purposes of this Act, treat the disposal, cessation of ownership of or realisation of the asset in the same way as the disposal, cessation of ownership of or realisation of a *revenue asset.

Subdivision 275‑C—Carried interests in managed investment trusts

Table of sections

275‑200 Gains and losses etc. from carried interests in managed investment trusts reflected in assessable income or deduction

275‑200  Gains and losses etc. from carried interests in managed investment trusts reflected in assessable income or deduction

 (1) This section applies if:
 (a) you hold a *CGT asset in an income year that carries an entitlement to a distribution from an entity; and
 (b) the entitlement to such a distribution is contingent upon the attainment of profits by the entity; and
 (c) the entity satisfies any of these requirements:
 (i) it is a *managed investment trust in relation to the income year;
 (ii) it was a managed investment trust in relation to a previous income year; and
 (d) you acquired the asset because of services you or your *associate provided, or will provide, to the entity; and
 (e) you or your associate provided, or will provide, those services:
 (i) as a manager of the entity; or
 (ii) as an associate of a manager of the entity; or
 (iii) as an employee of a manager of the entity; or
 (iv) as an associate of an employee of a manager of the entity; and
 (f) any of the following apply:
 (i) you become entitled in the income year to such a distribution (regardless of whether the distribution is made immediately, or is to be made in the future);
 (ii) a *CGT event happens in relation to the asset in the income year.

 (2) Include in your assessable income for the income year:
 (a) the amount of the distribution (except to the extent that it represents a return of capital that you or your associate contributed in order for you to *acquire the asset); or
 (b) the amount of your gain or profit (if any) on the