Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102r:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102R (pt 1/2)
Character Range: 851331–853755

102R  Public trading trusts
 (1) A unit trust is a public trading trust in relation to a relevant year of income if:
 (a) where the relevant year of income is the year of income that commenced on 1 July 1985, the year of income commencing on 1 July 1986 or the year of income commencing on 1 July 1987:
 (i) the unit trust was established after 19 September 1985;
 (ii) the unit trust is a public unit trust in relation to the relevant year of income;
 (iii) the unit trust is a trading trust in relation to the relevant year of income;
 (iv) either of the following conditions is satisfied:
 (A) the unit trust is a resident unit trust in relation to the relevant year of income;
 (B) the unit trust was a public trading trust in relation to a year of income preceding the relevant year of income; or
 (b) where the relevant year of income is the year of income commencing on 1 July 1988 or a subsequent year of income:
 (i) the unit trust is a public unit trust in relation to the relevant year of income;
 (ii) the unit trust is a trading trust in relation to the relevant year of income;
 (iii) either of the following conditions is satisfied:
 (A) the unit trust is a resident unit trust in relation to the relevant year of income;
 (B) the unit trust was a public trading trust in relation to a year of income preceding the relevant year of income.
 (2) Where:
 (a) a unit trust would, but for this subsection, be a unit trust established on or before 19 September 1985;
 (b) the unit trust was not a trading trust on 19 September 1985; and
 (c) the unit trust became a trading trust on a day after 19 September 1985;
the unit trust shall be taken, for the purposes of this section, to have been established after 19 September 1985.
 (3) For the purposes of subsection (2), a unit trust is a trading trust on a particular day if, on that day, the trustee:
 (a) carries on a trading business; or
 (b) controls or is able to control, directly or indirectly, the affairs or operations of another person in respect of the carrying on by that other person of a trading business.
 (4) Where:
 (a) a unit trust would, but for this subsection, be a unit trust established on or before 19 September 1985;
 (b) if the year of income in which 19 September 1985 occurred had ended on that date, the unit trust would not have been a public unit trust in relation to that year of income; and
 (c) the Commissioner is satisfied that,