Document ID: chunk:federal_register_of_legislation:C2014C00749:clause:13_15:p6
Version: federal_register_of_legislation:C2014C00749
Segment Type: clause
Provision Reference: sch 13 cl 15 (pt 6/11)
Character Range: 121798–124600

person in relation to a *corporate tax entity if:
 (a) all the beneficiaries in the trust are prescribed persons under other provisions of this section; or
 (b) were the trustee to receive a *distribution made by the corporate tax entity, the distribution would be *exempt income of the trust estate.
 (3) A *partnership is a prescribed person in relation to a *corporate tax entity if:
 (a) all the partners are prescribed persons under other provisions of this section; or
 (b) were the partnership to receive a *distribution made by the corporate tax entity, the distribution would be *exempt income of the partnership.
 (4) An individual (other than a trustee) is a prescribed person in relation to a *corporate tax entity if:
 (a) he or she is not an *Australian resident; or
 (b) were he or she to receive a *distribution made by the corporate tax entity, the distribution would be *exempt income of the individual.
 (5) The Commonwealth, each of the States, the Australian Capital Territory, the Northern Territory and Norfolk Island are prescribed persons in relation to any *corporate tax entity.

208‑45  Persons who are taken to be prescribed persons
 (1) This section applies to a person that:
 (a) is a *company, a trustee, or a *partnership, that holds *membership interests (whether *accountable membership interests or excluded membership interests), or *partial interests (whether *accountable partial interests or excluded partial interests), in a *corporate tax entity (the relevant entity); and
 (b) is not a prescribed person under section 208‑40.
 (2) A *company that holds *membership interests, or *partial interests, in the relevant entity is taken to be a prescribed person in relation to the relevant entity if the risks involved in, and the opportunities resulting from, holding the membership interests or partial interests are substantially borne by, or substantially accrue to, as the case may be, one or more prescribed persons.
 (3) A trustee of a trust who holds *membership interests, or *partial interests, in the relevant entity is taken to be a prescribed person in relation to the relevant entity if the risks involved in, and the opportunities resulting from, holding the membership interests or partial interests are substantially borne by, or substantially accrue to, as the case may be, one or more prescribed persons.
 (4) A trustee of a trust who holds *membership interests, or *partial interests, in the relevant entity is taken to be a prescribed person in relation to the relevant entity if:
 (a) unless subsection (7) applies, the trust is controlled by one or more persons who are prescribed persons; or
 (b) all the beneficiaries who are presently entitled to, or during the relevant year of income become presently entitled to, income from the trust