Document ID: chunk:federal_register_of_legislation:C2019A00034:clause:1_11:p3
Version: federal_register_of_legislation:C2019A00034
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 3/16)
Character Range: 15973–18640

paragraph (a) is *rent from land investment.
 (4) The amount is not MIT cross staple arrangement income of the *managed investment trust under subsection (2) to the extent that it is, or is attributable to, an amount covered by subsection 12‑438(1).
Note: The managed investment trust may be an asset entity in relation to the cross staple arrangement. If so, it may have no MIT cross staple arrangement income for the income year as a result of the operation of this subsection.
 (5) The amount is not MIT cross staple arrangement income of the *managed investment trust under subsection (2) to the extent that it is, or is attributable to, *rent from land investment that is:
 (a) attributable to a facility, or an improvement to a facility; and
 (b) referable to a time in the income year when the facility, or the improvement to the facility, is covered by section 12‑439.
 (6) Subsection (7) applies if:
 (a) an *asset entity in relation to the income year mentioned in paragraph (1)(a) makes a *capital gain because an *operating entity in relation to the income year *acquires an asset from the asset entity; and
 (b) the asset entity and the operating entity are *stapled entities in relation to the *cross staple arrangement.
 (7) The amount is not MIT cross staple arrangement income of the *managed investment trust under subsection (2) to the extent that it is attributable to the *capital gain.

12‑438  MIT cross staple arrangement income—de minimis exception
 (1) For the purposes of subsection 12‑437(4), this subsection covers an amount if:
 (a) the amount is *MIT cross staple arrangement income for the income year of an *asset entity in relation to the *cross staple arrangement; and
 (b) the MIT cross staple arrangement income of the asset entity for the previous income year does not exceed 5% of the amount mentioned in subsection (3).
 (2) For the purposes of subsection (1), in working out the *MIT cross staple arrangement income of the *asset entity for the previous income year, disregard subsections 12‑437(4) and (5).
 (3) The amount is:
 (a) if the *asset entity is not an *AMIT for the income year—the assessable income of the asset entity for the previous income year (worked out for the purposes of determining the *net income of the asset entity for the income year); or
 (b) if the asset entity is an AMIT for the income year—the total assessable income (as mentioned in subsection 276‑265(2) of the Income Tax Assessment Act 1997) of the asset entity for the previous income year.
 (4) For the purposes of subsection (3), in working out the assessable income, or the total assessable income, of the *asset entity for the previous