Document ID: chunk:federal_register_of_legislation:C2019A00034:clause:1_11:p7
Version: federal_register_of_legislation:C2019A00034
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 7/16)
Character Range: 25740–28472

that facility is first put to use for the purpose of producing assessable income; or
 (b) where the facility to which the cross staple arrangement relates is an economic infrastructure facility—the time is before 1 July 2039 and before the later of:
 (i) 1 July 2034; and
 (ii) the end of the period of 15 years beginning on the earliest day on which an asset that is part of that facility is first put to use for the purpose of producing assessable income.
 (5) An entity makes a choice in accordance with this subsection if:
 (a) the entity makes the choice in the *approved form; and
 (b) the entity makes the choice no later than:
 (i) 30 June 2019; or
 (ii) a later time allowed by the Commissioner; and
 (c) the entity gives the choice to the Commissioner within 60 days after the entity makes the choice.
 (6) The choice cannot be revoked.

12‑441  Integrity rule—concessional cross staple rent cap
 (1) This section applies if:
 (a) a *managed investment trust in relation to an income year derives, receives or makes an amount of *excepted MIT CSA income for the income year; and
 (b) if the amount is excepted MIT CSA income because of subsection 12‑440(3)—paragraph 12‑440(4)(b) applies (15 year concession); and
 (c) the amount of excepted MIT CSA income is, or is attributable to, *rent from land investment under a lease (the cross staple lease) entered into by:
 (i) the *asset entity mentioned in paragraph 12‑437(2)(a) (the relevant asset entity); and
 (ii) the *operating entity mentioned in paragraph 12‑437(2)(b) (the relevant operating entity).
 (2) To the extent (if any) that the amount of the relevant asset entity's *excepted MIT CSA income exceeds its *concessional cross staple rent cap for the income year, the following provisions do not apply to the amount of the *managed investment trust's excepted MIT CSA income mentioned in paragraph (1)(a):
 (a) subsection 12‑437(5);
 (b) subsection 12‑440(3).
 (3) If the relevant asset entity is not a *managed investment trust in relation to the income year, for the purposes of subsection (2), treat it as a managed investment trust in relation to the income year.

12‑442  Meaning of excepted MIT CSA income
  An amount is excepted MIT CSA income of a *managed investment trust in relation to an income year if it would be *MIT cross staple arrangement income of the managed investment trust but for any of the following provisions:
 (a) subsection 12‑437(5);
 (b) subsection 12‑440(3).

12‑443  Concessional cross staple rent cap—existing lease with specified rent or rent method
 (1) This section applies if:
 (a) the amount mentioned in subsection 12‑441(1) is *excepted MIT CSA income because of subsection 12‑440(3); and
 (b) the cross staple lease was