Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102p:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102P (pt 1/5)
Character Range: 840580–843003

102P  Public unit trusts
 (1) For the purposes of this Division, but subject to the succeeding provisions of this section, a unit trust is a public unit trust in relation to a year of income if, at any time during the year of income:
 (a) any of the units in the unit trust were listed for quotation in the official list of a stock exchange in Australia or elsewhere;
 (b) any of the units in the unit trust were offered to the public; or
 (c) the units in the unit trust were held by not fewer than 50 persons.
 (2) For the purposes of this Division, but subject to the succeeding provisions of this section, a unit trust is also a public unit trust in relation to a year of income if:
 (a) at any time during the year of income, an exempt entity or exempt entities held, or had the right to acquire or become the holder or holders of, a unit or units in the unit trust that entitled the holder or holders to not less than 20% of:
 (i) the beneficial interests in the income of the unit trust; or
 (ii) the beneficial interests in the property of the unit trust;
 (b) not less than 20% of the total of money paid or credited by the trustee of the unit trust during the year of income to unitholders as unitholders was paid or credited to an exempt entity or exempt entities; or
 (c) by reason of:
 (i) any provision in the instrument by which the trust was created, or any contract agreement or instrument authorising the variation or abrogation of the rights attaching to any of the units in the unit trust or relating to the conversion, cancellation, extinguishment or redemption of any such units;
 (ii) any contract, agreement, option or instrument under which a person has power to acquire a unit or units in the unit trust; or
 (iii) any power, authority or discretion in a person in relation to the rights attaching to any of the units in the unit trust;
  the rights attaching to any of the units in the unit trust were, at any time during the year of income, capable of being varied or abrogated in such a manner (notwithstanding that they were not in fact varied or abrogated in that manner) that:
 (iv) units in the unit trust that entitled the holder or holders to not less than 20% of:
 (A) the beneficial interests in the income of the unit trust; or
 (B) the beneficial interests in the property of the unit trust;
  would have been held by an exempt entity or exempt entities;
 (v) not less than 20% of the