Document ID: chunk:federal_register_of_legislation:C2016C00523:clause:2_51
Version: federal_register_of_legislation:C2016C00523
Segment Type: clause
Provision Reference: sch 2 cl 51
Character Range: 57224–59380

51  Application provision
(1) Subject to this item, the amendments made by this Schedule apply to assessments for the 2010‑11 income year and later income years.

Early balancers and the 2010‑11 income year
(2) Subitems (3) and (4) apply in relation to a trust whose 2010‑11 income year started before 1 July 2010.
(3) The amendments made by this Schedule do not apply to an assessment for the 2010‑11 income year unless the trustee of the trust makes a choice in accordance with subitem (4).
(4) A choice mentioned in subitem (3):
 (a) can only be made before the end of 2 months after the commencement of this item; and
 (b) can only be made in writing.

MITs and the 2010‑11, 2011‑12, 2012‑13, 2013‑14, 2014‑15, 2015‑16 and 2016‑17 income years
(5) Subitems (6) and (7) apply in relation to an entity that:
 (a) is a managed investment trust in relation to an income year; or
 (b) is treated in the same way as a managed investment trust in relation to an income year for the purposes of Division 275 of the Income Tax Assessment Act 1997.
(6) The amendments made by this Schedule do not apply to an assessment for an income year mentioned in paragraph (7)(c) unless the trustee of the entity makes a choice in accordance with subitem (7) in relation to the income year or an earlier income year.
(7) A choice mentioned in subitem (6):
 (a) can only be made before the end of 2 months after the later of:
 (i) the end of the income year in relation to which the choice is made; and
 (ii) the commencement of:
 (A) if that income year is the 2010‑11, 2011‑12, 2012‑13 or 2013‑14 income year—Schedule 2 to the Tax Laws Amendment (2011 Measures No. 5) Act 2011; or
 (B) if that income year is the 2014‑15, 2015‑16 or 2016‑17 income year—Schedule 8 to the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016; and
 (b) can only be made in writing; and
 (c) can only be made in relation to the following income years:
 (i) the 2010‑11 income year;
 (ii) the 2011‑12 income year;
 (iii) the 2012‑13 income year;
 (iv) the 2013‑14 income year;
 (v) the 2014‑15 income year;
 (vi) the 2015‑16 income year;
 (vii) the 2016‑17 income year.