Document ID: chunk:federal_register_of_legislation:C2011C00698:clause:3_3:p3
Version: federal_register_of_legislation:C2011C00698
Segment Type: clause
Provision Reference: sch 3 cl 3 (pt 3/5)
Character Range: 35738–38404

(b) and (c);
 (ii) the nature of the circumstance;
 (iii) the actions (if any) taken by the trustee of the trust to address or remove the circumstance, and the speed with which such actions are taken;
 (iv) the extent to which treating the trust as meeting the requirement in this section at that time would increase or reduce the amount of tax otherwise payable by the trustee, the beneficiaries of the trust or any other entity;
 (v) any other relevant matter.

275‑115  MIT CGT choices

 (1) The trustee of an entity that is a *managed investment trust may make a choice under this section that covers the managed investment trust.

 (2) The choice must be made in the *approved form.

 (3) The choice can be made only:
 (a) if the entity became a *managed investment trust in the 2009‑10 income year or a later income year (whether or not the entity existed before it became a managed investment trust)—on or before the latest of the following days:
 (i) the day it is required to lodge its *income tax return for the income year in which it became a managed investment trust;
 (ii) if the Commissioner allows a later day for the managed investment trust—that later day; or
 (b) otherwise—on or before the latest of the following days:
 (i) the last day in the 3 month period starting on the day on which this section commences;
 (ii) the last day of the 2009‑10 income year;
 (iii) if the Commissioner allows a later day for the managed investment trust—that later day.

 (4) The choice, once made, cannot be revoked.

 (5) The choice is in force:
 (a) in the circumstances mentioned in paragraph (3)(a)—for the income year in which the entity became a *managed investment trust (whether or not the entity existed before it became a managed investment trust) and later income years; or
 (b) in the circumstances mentioned in paragraph (3)(b)—for the 2008‑09 income year and later income years.

275‑120  Consequences of not making choice—revenue account treatment

 (1) This section applies if:
 (a) the requirements in subsection 275‑100(1) are met in relation to a *CGT asset held by a *managed investment trust, apart from the requirement in paragraph 275‑100(1)(f); and
 (b) the CGT asset is not:
 (i) land (including an interest in land); or
 (ii) a right or option to *acquire or *dispose of land (including an interest in land); and
 (c) the managed investment trust disposes of, ceases to own or 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