Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:4_3:p8
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 4 cl 3 (pt 8/9)
Character Range: 143320–145917

for any instrument issued by ASIC under the Corporations Act 2001 that has effect in relation to the entity and the operation of the scheme mentioned in paragraph 275‑10(3)(c), be required under that Act to be a financial services licensee (within the meaning of section 761A of that Act).

275‑40  MIT participation interest
 (1) An entity has a MIT participation interest in a trust if the entity, directly or indirectly:
 (a) holds, or has the right to *acquire, interests representing a percentage of the value of the interests in the trust; or
 (b) has the control of, or the ability to control, a percentage of the rights attaching to *membership interests in the trust; or
 (c) has the right to receive a percentage of any distribution of income that the trust may make.
 (2) The MIT participation interest of the entity in the trust is the greatest of the percentages mentioned in paragraphs (1)(a), (b) and (c).

275‑45  Meaning of managed investment trust—every member of trust is a managed investment trust etc.
 (1) A trust is covered under this section in relation to an income year if:
 (a) the condition in paragraph 275‑10(3)(a) is satisfied; and
 (b) the condition in paragraph 275‑10(3)(b) is satisfied; and
 (c) either:
 (i) the only *members of the trust are entities that are covered by subsection 275‑20(4) (other than entities mentioned in paragraph 275‑20(4)(f)); or
 (ii) the only members of the trust are entities that are *managed investment trusts in relation to the income year because of subsection 275‑10(2); and
 (d) the trust satisfies the licensing requirements in section 275‑35 in relation to the income year.
 (2) A requirement in paragraph (1)(a) is satisfied if, and only if, it is satisfied:
 (a) at the time the trustee of the trust makes the first *fund payment in relation to the income year; or
 (b) if the trustee does not make such a payment in relation to the income year—at both the start and the end of the income year.

275‑50  Extended definition of managed investment trust—no fund payment made in relation to the income year
  A trust is covered under this section in relation to an income year if:
 (a) the trustee of the trust does not make a *fund payment in relation to the income year; and
 (b) the trust would be a *managed investment trust in relation to the income year if the trustee of the trust had made the first fund payment in relation to the income year on the first day of the income year when it was in existence; and
 (c) the trust would be a managed investment trust in relation to the income year if the trustee of the trust