Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p39
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 39/41)
Character Range: 4336679–4339359

at the time the payment mentioned in paragraph 275‑10(3)(a) is made (the time of the first fund payment for the income year):
 (a) the trust is operated or managed by:
 (i) a financial services licensee (within the meaning of the Corporations Act 2001) holding an Australian financial services licence whose licence covers it providing financial services (within the meaning of that Act) to wholesale clients (within the meaning of that Act); or
 (ii) an authorised representative (within the meaning of that Act) of such a financial services licensee; or
 (b) the trust is operated or managed by an entity covered by subsection (2); or
 (c) the trust is operated or managed by an entity that:
 (i) is a *wholly‑owned subsidiary of an entity covered by subsection (2); and
 (ii) is an entity covered by subsection (3).
 (2) An entity is covered by this subsection if it would, but for subsection 5A(4) of the Corporations Act 2001 (about the Crown not being bound by Chapter 6CA or 7 of that Act), be required under that Act to be a financial services licensee (within the meaning of that Act).
 (3) An entity is covered by this subsection if it would, but for any instrument issued by ASIC under the Corporations Act 2001 that has effect in relation to the entity and the operation of the scheme mentioned in paragraph 275‑10(3)(c), be required under that Act to be a financial services licensee (within the meaning of that Act).

275‑40  MIT participation interest
 (1) An entity has a MIT participation interest in a trust if the entity, directly or indirectly:
 (a) holds, or has the right to *acquire, interests representing a percentage of the value of the interests in the trust; or
 (b) has the control of, or the ability to control, a percentage of the rights attaching to *membership interests in the trust; or
 (c) has the right to receive a percentage of any distribution of income that the trust may make.
 (2) The MIT participation interest of the entity in the trust is the greatest of the percentages mentioned in paragraphs (1)(a), (b) and (c).

275‑45  Meaning of managed investment trust—every member of trust is a managed investment trust etc.
 (1) A trust is covered under this section in relation to an income year if:
 (a) the condition in paragraph 275‑10(3)(a) is satisfied; and
 (b) the condition in paragraph 275‑10(3)(b) is satisfied; and
 (c) either:
 (i) the only *members of the trust are entities that are covered by subsection 275‑20(4) (other than entities mentioned in paragraph 275‑20(4)(f)); or
 (ii) the only members of the trust are entities that are *managed investment trusts in relation to the income year because of subsection 275‑10(2);