Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_6:p43
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 43/63)
Character Range: 445536–448305

(5).
 (4) If the *total participation interest (the post‑announcement TPI) held by the *managed investment trust in the second entity at the end of the most recent income year ending before it derived, received or made the relevant amount exceeds the pre‑announcement TPI, work out that fraction by dividing:
 (a) the pre‑announcement TPI;
by:
 (b) the post‑announcement TPI.
 (5) Otherwise, the fraction is 1.

12‑448  Meaning of MIT agricultural income, Australian agricultural land for rent and Division 6C land
 (1) This section applies if:
 (a) an amount is included in the assessable income for an income year of a *managed investment trust in relation to the income year (worked out for the purposes of determining the trust's *net income, or in the case of an *AMIT, the trust's total assessable income, for the income year); and
 (b) the amount mentioned in paragraph (a) is not an amount mentioned in paragraph 12‑405(1)(a), (b), (c), (d) or (e).
 (2) The amount is MIT agricultural income of the *managed investment trust to the extent that it is attributable to an asset that is *Australian agricultural land for rent (whether or not held by the managed investment trust).
 (3) Australian agricultural land for rent is *Division 6C land situated in Australia that:
 (a) is used, or could reasonably be used, for carrying on a *primary production business; and
 (b) is held primarily for the purposes of deriving or receiving rent.
 (4) For the purposes of this section, if an *economic infrastructure facility is a fixture on *Australian agricultural land for rent:
 (a) treat the economic infrastructure facility as being separate from the Australian agricultural land for rent; and
 (b) treat the economic infrastructure facility as not being Australian agricultural land for rent.
 (5) Division 6C land is land (within the meaning of Division 6C of Part III of the Income Tax Assessment Act 1936), and includes a thing if an investment in the thing would be an investment in land under subsection 102MB(1) of that Act.

12‑449  Transitional—MIT agricultural income
 (1) This section applies if:
 (a) an amount (the relevant amount) is included in the assessable income for an income year of a *managed investment trust in relation to the income year (worked out for the purposes of determining the trust's *net income, or in the case of an *AMIT, the trust's total assessable income, for the income year); and
 (b) the relevant amount would be *MIT agricultural income (disregarding this section) of the managed investment trust because it is attributable to an asset that is *Australian agricultural land for rent; and
 (c) the managed investment trust derived, received or made the relevant amount before 1 July 2026; and
 (d) if the managed investment