Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:4_3:p4
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 4 cl 3 (pt 4/9)
Character Range: 133469–136209

(2)(b), determine the number of *members of the trust as follows:
 (a) first, by applying the rules in subsection (5), identify:
 (i) the members of the trust that are not entities covered by subsection (4); and
 (ii) the members of the trust that are entities covered by subsection (4);
 (b) next, work out the number of members mentioned in subparagraph (a)(i);
 (c) next:
 (i) work out the *MIT participation interest in the trust of each entity mentioned in subparagraph (a)(ii); and
 (ii) for each of those entities, multiply the total of its MIT participation interest in the trust by 50 and round the result upwards to the nearest whole number; and
 (iii) work out the total of the results of subparagraph (ii) for all of those entities;
 (d) next, work out the total of the results of paragraphs (b) and (c).
 (4) This subsection covers the following kinds of entity:
 (a) a *life insurance company;
 (b) a *foreign life insurance company that is regulated under a *foreign law;
 (c) a *complying superannuation fund, a *complying approved deposit fund or a *foreign superannuation fund, being a fund that has at least 50 *members;
 (d) a *pooled superannuation trust that has at least one member that is a complying superannuation fund that has at least 50 members;
 (e) a *managed investment trust in relation to the income year;
 (f) an entity:
 (i) that is recognised under a foreign law as being used for collective investment by pooling the contributions of its members as consideration to acquire rights to benefits produced by the entity; and
 (ii) that has at least 50 members; and
 (iii) the contributing members of which do not have day‑to‑day control over the entity's operation;
 (g) an entity, the principal purpose of which is to fund pensions (including disability and similar benefits) for the citizens or other contributors of a foreign country, if:
 (i) the entity is a fund established by an *exempt foreign government agency; or
 (ii) the entity is established under a foreign law for an exempt foreign government agency; or
 (iii) the entity is a *wholly‑owned subsidiary of an entity mentioned in subparagraph (i) or (ii);
 (h) an investment entity that satisfies all of these requirements:
 (i) the entity is wholly‑owned by one or more *foreign government agencies, or is a wholly‑owned subsidiary of one or more foreign government agencies;
 (ii) the entity is established using only the public money or public property of the foreign government concerned;
 (iii) all economic benefits obtained by the entity have passed, or are expected to pass, to the foreign government concerned;
 (i) an entity established and wholly‑owned by an *Australian government agency, if the capital of the entity, and returns