Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_6:p36
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 36/63)
Character Range: 428459–431121

instead being references to a reasonable estimate of the total assessable income of the asset entity.
 (6) If the *asset entity exists in an income year, but is not a *managed investment trust in relation to that income year, for the purposes of this section, treat it as a managed investment trust in relation to that income year that is not an *AMIT for that income year.

12‑439  MIT cross staple arrangement income—approved economic infrastructure facility exception
 (1) This section covers a facility at a time if:
 (a) the facility is covered by an approval of the Treasurer under this section that is in force at that time; and
 (b) that time is no later than the end of the period of 15 years beginning on the day on which an asset that is part of the facility is first put to use.
 (2) This section covers an improvement to a facility at a time if:
 (a) the improvement to the facility is covered by an approval of the Treasurer under this section that is in force at that time; and
 (b) that time is no later than the end of the period of 15 years beginning on the day on which an asset that is part of the facility is first put to use after it has been improved under the improvement.
 (3) An *Australian government agency (other than the Commonwealth) may make an application to the Treasurer in respect of a facility, or an improvement to a facility, specified in the application.
 (4) The Treasurer may approve the facility, or the improvement to the facility, specified in the application under subsection (3) if the Treasurer is satisfied that the following criteria are met:
 (a) the facility is an *economic infrastructure facility;
 (b) in the case of an application in respect of a facility:
 (i) the estimated capital expenditure on the facility is $500 million or more; and
 (ii) the facility is yet to be constructed; and
 (iii) the facility will significantly enhance the long‑term productive capacity of the economy; and
 (iv) approving the facility is in the national interest;
 (c) in the case of an application in respect of an improvement to a facility:
 (i) the estimated capital expenditure on the improvement is $500 million or more; and
 (ii) the improvement is yet to be constructed; and
 (iii) the improvement will significantly enhance the long‑term productive capacity of the economy; and
 (iv) approving the improvement is in the national interest.
 (5) An economic infrastructure facility is a facility that is any of the following:
 (a) transport infrastructure;
 (b) energy infrastructure;
 (c) communications infrastructure;
 (d) water infrastructure.
 (6) An approval under subsection (4):
 (a) must be in writing; and