Document ID: chunk:federal_register_of_legislation:C2010C00637:clause:2_2:p3
Version: federal_register_of_legislation:C2010C00637
Segment Type: clause
Provision Reference: sch 2 cl 2 (pt 3/3)
Character Range: 10905–12558

(4) In applying this section:
 (a) if a *complying superannuation fund, *approved deposit fund or *foreign superannuation fund has more than 50 members and has, directly or indirectly, a fixed entitlement to any of the trust's income or capital—that entitlement is taken to be held by more than 20 individuals for their own benefit; and
 (b) if a complying superannuation fund, approved deposit fund or foreign superannuation fund has 50 or fewer members and has, directly or indirectly, a fixed entitlement to any of the trust's income or capital—each of the members is taken to have a share of that entitlement, in equal proportions, for his or her own benefit.

45‑288  Resident investment trusts for beneficiaries who are absolutely entitled

  This section covers a trust if:
 (a) the trust is a resident trust within the meaning of section 102Q of the Income Tax Assessment Act 1936; and
 (b) the trust is of the kind covered by subsection 45‑280(6) in this Schedule; and
 (c) the requests or directions that beneficiaries may give the trustee are limited to requests or directions as to which of the activities listed in the definition of eligible investment business in section 102M of the Income Tax Assessment Act 1936 the trustee should engage in; and
 (d) all of the trust's beneficiaries became beneficiaries as a result of a public offer to invest in the trust; and
 (e) either:
 (i) the trust has 50 or more beneficiaries; or
 (ii) if the trustee of the trust is also the trustee of one or more other trusts that satisfy paragraphs (a), (b), (c) and (d) of this section—all those trusts together have a total of 50 or more beneficiaries.