Document ID: chunk:federal_register_of_legislation:C2019A00034:clause:1_11:p13
Version: federal_register_of_legislation:C2019A00034
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 13/16)
Character Range: 40484–43218

(5) If the *total participation interest (the post‑announcement TPI) held by the *managed investment trust in the second entity at the end of the most recent income year ending before it derived, received or made the relevant amount exceeds the pre‑announcement TPI, work out that fraction by dividing:
 (a) the pre‑announcement TPI;
by:
 (b) the post‑announcement TPI.
 (6) Otherwise, the fraction is 1.

12‑450  Meaning of MIT residential housing income
 (1) This section applies if:
 (a) an amount is included in the assessable income for an income year of a *managed investment trust in relation to the income year (worked out for the purposes of determining the trust's *net income, or in the case of an *AMIT, the trust's total assessable income, for the income year); and
 (b) the amount mentioned in paragraph (a) is not an amount mentioned in paragraph 12‑405(1)(a), (b), (c), (d) or (e).
 (2) The amount is MIT residential housing income of the *managed investment trust to the extent that it is attributable to a *residential dwelling asset (whether or not held by the managed investment trust).

Asset used to provide affordable housing
 (3) The amount is not MIT residential housing income of the *managed investment trust under subsection (2) to the extent that it is referable to the use of the *residential dwelling asset to *provide affordable housing.
 (4) If the amount is, or is attributable to, a *capital gain from a *CGT event, subsection (3) applies only if:
 (a) the entity that held the *residential dwelling asset just before the time (the CGT event time) when the CGT event happened had held it for at least 3,650 days (consecutive or not); and
 (b) each of those days satisfies the following requirements:
 (i) the day is on or after 1 July 2017 and before the CGT event time;
 (ii) the residential dwelling asset was used on the day to *provide affordable housing.

12‑451  Transitional—MIT residential housing income
 (1) This section applies if:
 (a) an amount (the relevant amount) is included in the assessable income for an income year of a *managed investment trust in relation to the income year (worked out for the purposes of determining the trust's *net income, or in the case of an *AMIT, the trust's total assessable income, for the income year); and
 (b) the relevant amount would be *MIT residential housing income (disregarding this section) of the *managed investment trust because it is attributable to a facility that consists of or contains a *residential dwelling asset; and
 (c) the managed investment trust derived, received or made the relevant amount before 1 October 2027; and
 (d) if the managed investment trust derived, received or made the relevant amount because the managed