Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102p:p4
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102P (pt 4/5)
Character Range: 847146–849468

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 thereof to not less than 75% 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 one person or persons not more than 20 in number;
 (v) not less than 75% of the total of money paid or credited by the trustee of the unit trust during the year of income to unitholders as unitholders would have been paid or credited to one person or persons not more than 20 in number; or
 (vi) in the case where no money was paid or credited by the trustee of the unit trust during the year of income to unitholders as unitholders—if money had been so paid or credited by the trustee of the unit trust during the year of income, not less than 75% of the amount of that money would have been paid or credited to one person or persons not more than 20 in number.
 (8) A unit trust shall not be deemed by subsection (7) not to be a public unit trust in relation to a year of income by reason that rights attaching to any of the units in the unit trust were, at any time during the year of income, capable of being varied in the manner mentioned in paragraph (7)(b) if the Commissioner is of the opinion that the person or persons who were able to vary the rights in that manner intended not to vary the rights in that manner during the year of income.
 (9) For the purposes of subsections (1) and (3), units in a unit trust shall be taken to be offered to the public if and only if:
 (a) an offer is made to the public or to a section of the public to subscribe for or purchase the units; or
 (b) an invitation is issued to the public or to a section of the public to make offers to subscribe for or purchase the units.
 (10) For the purposes of this section, where any units in a unit trust (except a