Document ID: chunk:federal_register_of_legislation:C2019A00034:clause:1_11:p4
Version: federal_register_of_legislation:C2019A00034
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 4/16)
Character Range: 18406–20964

the Income Tax Assessment Act 1997) of the asset entity for the previous income year.
 (4) For the purposes of subsection (3), in working out the assessable income, or the total assessable income, of the *asset entity for the previous income year, disregard any *net capital gain of the asset entity for that year.
 (5) If the *asset entity did not exist in the previous income year:
 (a) treat references in this section to the previous income year as instead being references to the income year; and
 (b) treat references in this section to the *MIT cross staple arrangement income of the asset entity as instead being references to a reasonable estimate of the MIT cross staple arrangement income of the asset entity; and
 (c) treat references in this section to the assessable income of the asset entity as instead being references to a reasonable estimate of the assessable income of the asset entity; and
 (d) treat references in this section to the total assessable income of the asset entity as instead being references to a reasonable estimate of the total assessable income of the asset entity.
 (6) If the *asset entity exists in an income year, but is not a *managed investment trust in relation to that income year, for the purposes of this section, treat it as a managed investment trust in relation to that income year that is not an *AMIT for that income year.

12‑439  MIT cross staple arrangement income—approved economic infrastructure facility exception
 (1) This section covers a facility at a time if:
 (a) the facility is covered by an approval of the Treasurer under this section that is in force at that time; and
 (b) that time is no later than the end of the period of 15 years beginning on the day on which an asset that is part of the facility is first put to use.
 (2) This section covers an improvement to a facility at a time if:
 (a) the improvement to the facility is covered by an approval of the Treasurer under this section that is in force at that time; and
 (b) that time is no later than the end of the period of 15 years beginning on the day on which an asset that is part of the facility is first put to use after it has been improved under the improvement.
 (3) An *Australian government agency (other than the Commonwealth) may make an application to the Treasurer in respect of a facility, or an improvement to a facility, specified in the application.
 (4) The Treasurer may approve the facility, or the improvement to the facility, specified in the application under subsection (2) if the Treasurer is satisfied