Document ID: chunk:federal_register_of_legislation:C2007A00055:clause:1_37
Version: federal_register_of_legislation:C2007A00055
Segment Type: clause
Provision Reference: sch 1 cl 37
Character Range: 24718–25811

37  At the end of section 152‑40
Add:

 (5) This subsection applies to a trust if:
 (a) interests in the trust are listed for quotation in the official list of an *approved stock exchange; or
 (b) the trust has more than 50 *members, unless the trust is a discretionary trust or a trust where at least one of the following conditions is met during an income year:
 (i) no more than 20 persons held, or had the right to acquire or become the holders of, *membership interests representing at least 75% of the value of the membership interests in the trust;
 (ii) if there are *trust voting interests in the trust—at least 75% of the trust voting interests in the trust was capable of being controlled by no more than 20 persons;
 (iii) at least 75% of the amount of any distribution made by the trustee during the year was made to no more than 20 persons;
 (iv) if no distribution was made by the trustee during the year—the Commissioner is of the opinion that, if a distribution had been made during the year, at least 75% of the distribution would have been made to no more than 20 persons.