Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_6:p40
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 40/63)
Character Range: 438317–440970

staple rent cap for an income year of the *managed investment trust is:
 (a) for an income year where the lease, or the associated documents, specify the amount of annual rent for the corresponding year of the lease under subsection (4)—that amount; or
 (b) for an income year where that amount is not so specified—the amount worked out under paragraph (a) in relation to the most recent year of the lease for which an amount is so specified, indexed annually in accordance with Subdivision 960‑M of the Income Tax Assessment Act 1997.
 (4) An income year and a year of the lease correspond to each other under this subsection if both of those years end:
 (a) after a particular 27 March; and
 (b) on or before the next 27 March.

12‑444  Concessional cross staple rent cap—general
 (1) This section applies if section 12‑443 does not apply.
 (2) The concessional cross staple rent cap for an income year of the *managed investment trust is worked out as follows:
 (a) first, work out a reasonable estimate of whichever of the following is applicable:
 (i) if the relevant asset entity is a trust that is not an *AMIT—the relevant asset entity's *net income, or *tax loss, for the income year;
 (ii) if the relevant asset entity is an AMIT—the sum of the relevant asset entity's *trust components with the character of assessable income, or the relevant asset entity's tax loss, for the income year;
 (iii) if the relevant asset entity is a partnership—the relevant asset entity's net income, or partnership loss (within the meaning of section 90 of the Income Tax Assessment Act 1936), for the income year;
 (b) next, work out a reasonable estimate of whichever of the following is applicable:
 (i) if the relevant operating entity is a trust that is not an AMIT—the operating asset entity's net income, or tax loss, for the income year;
 (ii) if the relevant operating entity is a partnership—the relevant operating entity's net income, or partnership loss (within the meaning of section 90 of the Income Tax Assessment Act 1936), for the income year;
 (iii) otherwise—the relevant operating entity's taxable income or tax loss for the income year;
 (c) next, add the results of paragraphs (a) and (b);
 (d) next, multiply the result of paragraph (c) by 0.8;
 (e) next, subtract the result of paragraph (a) from the result of paragraph (d);
 (f) next, add the amount of *excepted MIT CSA income mentioned in subsection 12‑441(1) to the result of paragraph (e).
If the result of paragraph (f) is a positive number, the concessional cross staple rent cap is that result. Otherwise, the concessional cross staple rent cap is nil.
 (3) For the purposes of