Document ID: chunk:federal_register_of_legislation:C2016A00054:clause:2_30
Version: federal_register_of_legislation:C2016A00054
Segment Type: clause
Provision Reference: sch 2 cl 30
Character Range: 53571–54587

30  Paragraphs 118‑427(4)(a) to (c)
Repeal the paragraphs, substitute:
 (a) more than 75% of the assets (determined by value) that are assets of either:
 (i) the unit trust; or
 (ii) any entity controlled by the unit trust in a way described in section 328‑125 (a controlled entity);
  must be used primarily in activities that are not ineligible activities mentioned in subsection (14) of this section;
 (b) more than 75% of the persons who are employees of either or both of the following:
 (i) the trustee of the unit trust;
 (ii) any one or more of the unit trust's controlled entities;
  must be engaged (as such employees) primarily in activities that are not ineligible activities mentioned in subsection (14) of this section;
 (c) more than 75% of the total assessable income, *exempt income and *non‑assessable non‑exempt income of:
 (i) the unit trust; and
 (ii) each of its controlled entities;
  must come from activities that are not ineligible activities mentioned in subsection (14) of this section.