Document ID: chunk:federal_register_of_legislation:C2010C00617:clause:2_160ardac:p2
Version: federal_register_of_legislation:C2010C00617
Segment Type: clause
Provision Reference: sch 2 cl 160ARDAC (pt 2/5)
Character Range: 24860–27540

the institution's exempt status is not disregarded if:
 (a) there is a related transaction in relation to the dividend or notional trust amount; and
 (b) because of the related transaction:
 (i) the company that paid the dividend or an associate of that company; or
 (ii) the trustee of the trust in relation to which the notional trust amount arises or an associate of that trustee;
  has obtained, will obtain or may reasonably be expected to obtain a benefit, advantage, right or privilege.

Note: Section 160ARDAE makes special provision in relation to benefits provided by an exempt institution to its controller.

 (6) The institution's exempt status is not disregarded in relation to a dividend if:
 (a) the dividend to any extent takes the form of property other than money; and
 (b) the terms and conditions on which the dividend is paid are such that the institution:
 (i) does not receive immediate custody and control of the property; or
 (ii) does not have the unconditional right to retain custody and control of the property in perpetuity to the exclusion of the company or an associate of the company; or
 (iii) does not obtain an immediate, indefeasible and unencumbered legal and equitable title to the property.

 (7) The institution's exempt status is not disregarded in relation to a notional trust amount that arises in a year of income if the total value of the payments of money, and transfers of property, by the trustee to the institution from the trust that:
 (a) occur during the year of income; and
 (b) are attributable to notional trust amounts that arose during the year of income;
are less than the total amount of those notional trust amounts.

 (8) Subsection (7) does not apply to a notional trust amount if the Commissioner is satisfied, having regard to all the circumstances, that it would be reasonable to treat the notional trust amount as having been distributed to the institution during the year of income.

 (9) The institution's exempt status is not disregarded in relation to a notional trust amount if:
 (a) the trustee of the trust in relation to which the notional trust amount arises makes a distribution to the institution in relation to the notional trust amount; and
 (b) the distribution to any extent takes the form of property other than money; and
 (c) the terms and conditions on which the distribution is made are such that the institution:
 (i) does not receive immediate custody and control of the property; or
 (ii) does not have the unconditional right to retain custody and control of the property in perpetuity to the exclusion of the trustee or an associate of the trustee; or
 (iii) does not obtain an immediate,