Document ID: chunk:federal_register_of_legislation:C2025C00012:clause:5_1:p3
Version: federal_register_of_legislation:C2025C00012
Segment Type: clause
Provision Reference: sch 5 cl 1 (pt 3/7)
Character Range: 386723–389261

A, shares that are referable to sub‑fund B. The shares are assets of sub‑fund A.
 In its capacity as trustee of the CCIV sub‑fund trust for sub‑fund A, the CCIV is a beneficiary of the CCIV sub‑fund trust for sub‑fund B.

195‑115  A CCIV sub‑fund trust is a unit trust
 (1) A *CCIV sub‑fund trust is taken to be a unit trust.
Note: One consequence of this subsection is that a CCIV sub‑fund trust can be a public unit trust if it meets the other tests in section 102P of the Income Tax Assessment Act 1936.
 (2) The *shares that are *referable to the *sub‑fund are taken to be the units in the trust.
 (3) The rights, obligations and other characteristics attaching to a unit in the trust are taken to be the same, as nearly as practicable, as the rights, obligations and other characteristics attaching to the share that is taken to be that unit.
Note: One consequence of this section is that if shares that are referable to the sub‑fund are listed for quotation in the official list of a stock exchange, the units in the sub‑fund trust that those shares are taken to be will likewise be taken to be listed in that official list.
 Examples of provisions to which this is relevant are:
(a) paragraph 275‑20(2)(a) (widely‑held requirement for managed investment trusts) of this Act; and
(b) paragraph 102P(1)(a) of the Income Tax Assessment Act 1936 (public unit trusts).

195‑120  Beneficiary of a CCIV sub‑fund trust has fixed entitlements to shares of income and capital of the trust
 (1) A *beneficiary of a *CCIV sub‑fund trust is taken to have a fixed entitlement to a share of income of the trust that the trust derives from time to time. At a particular time, that share is equal to the percentage worked out using the formula:
where:
beneficiary dividends is the total of the *dividends that the *beneficiary has a right to receive because of *shares that the beneficiary holds at that time and are *referable to the *sub‑fund.
total dividends is the total of all *dividends that are payable on all *shares that are on issue at that time and are *referable to the *sub‑fund.
 (2) A *beneficiary of a *CCIV sub‑fund trust is taken to have a fixed entitlement to a share of the capital of the trust at a particular time equal to the percentage worked out using the formula:
where:
beneficiary capital distribution is the amount of a distribution of paid‑up capital (in the event of a return of capital) that the *beneficiary has a right to receive because of *shares that the beneficiary holds at that time and are *referable to the