Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:4_3:p9
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 4 cl 3 (pt 9/9)
Character Range: 145714–147128

relation to the income year on the first day of the income year when it was in existence; and
 (c) the trust would be a managed investment trust in relation to the income year if the trustee of the trust had made the first fund payment in relation to the income year on the last day of the income year on which it was in existence.

275‑55  Extended definition of managed investment trust—temporary circumstances outside the control of the trustee
  A trust is covered under this section in relation to an income year if:
 (a) apart from a particular circumstance, the trust would be a *managed investment trust in relation to the income year; and
 (b) the circumstance is temporary; and
 (c) the circumstance arose outside the control of the trustee of the trust; and
 (d) it is fair and reasonable to treat the trust as a managed investment trust in relation to the income year, having regard to the following matters:
 (i) the matters in paragraphs (a) and (b);
 (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 a managed investment trust in relation to the income year would increase or reduce the amount of tax otherwise payable by the trustee, the *members of the trust or any other entity;
 (v) any other relevant matter.