Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_6:p39
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 39/63)
Character Range: 435762–438549

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 entered into before 27 March 2018; and
 (c) the cross staple lease, or associated documents, specified any of the following before 27 March 2018:
 (i) the amount of annual rent under the lease for the first year of the lease that ends after 27 March 2018;
 (ii) an objective method for determining the amount of annual rent under the lease; and
 (d) if subparagraph (c)(ii) applies—the method is set out in the cross staple lease, or the associated documents, before 27 March 2018.
 (2) If subparagraph (1)(c)(ii) applies, the concessional cross staple rent cap for an income year of the *managed investment trust is the amount of annual rent determined for the income year under the method mentioned in that subparagraph.
 (3) If subparagraph (1)(c)(ii) does not apply, the concessional cross 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