Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_6:p44
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 44/63)
Character Range: 448055–450825

managed investment trust because it is attributable to an asset that is *Australian agricultural land for rent; and
 (c) the managed investment trust derived, received or made the relevant amount before 1 July 2026; and
 (d) if the managed investment trust derived, received or made the relevant amount because the managed investment trust held the asset:
 (i) the managed investment trust held the asset just before 27 March 2018; or
 (ii) before 27 March 2018, the managed investment trust entered into a contract for the *acquisition or lease of the asset; and
 (e) if the managed investment trust derived, received or made the relevant amount because another entity (the second entity) held the asset:
 (i) the second entity held the asset just before 27 March 2018; or
 (ii) before 27 March 2018, the second entity entered into a contract for the acquisition or lease of the asset; and
 (f) if paragraph (e) applies—immediately before 27 March 2018, the managed investment trust held a *total participation interest (the pre‑announcement TPI) of greater than nil in the second entity.
 (2) If paragraph (1)(d) applies, treat the relevant amount as not being *MIT agricultural income of the *managed investment trust.
 (3) If paragraph (1)(e) applies, treat part of the relevant amount as not being *MIT agricultural income of the *managed investment trust.
 (4) That part is equal to the relevant amount multiplied by the fraction worked out under subsections (5) and (6).
 (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