Document ID: chunk:federal_register_of_legislation:C2008A00032:clause:1_1:p5
Version: federal_register_of_legislation:C2008A00032
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 5/5)
Character Range: 11288–12959

to have the entity credit to the recipient, or otherwise deal with on the recipient's behalf or as the recipient directs;
  an amount attributable to the payment; and
 (c) the entity would have been required to withhold an amount from the payment under subsection 12‑390(4) if the recipient had been a foreign resident; and
 (d) an amount is not required to be withheld from the payment because the recipient is not a foreign resident.

 (5) The entity must:
 (a) give to the recipient a written notice containing the details specified in subsection (6); or
 (b) make those details available on a website in a way that the details are readily accessible to the recipient for not less than 5 continuous years.

 (6) The notice must be given, or the details must be made available on a website, before or at the time when the amount is paid or credited to the recipient, or is dealt with on the recipient's behalf or as the recipient directs, and:
 (a) must specify the part of the payment referred to in paragraph (4)(a) from which an amount would have been so required to have been withheld; and
 (b) must specify the income year of the *managed investment trust to which that part relates.

Note: Failure to give the notice or make the details available as required by this section incurs an administrative penalty: see section 12‑415.

12‑400  Meaning of managed investment trust

 (1) A trust is a managed investment trust in relation to an income year if:
 (a) the trustee of the trust makes the first *fund payment in relation to the income year; and
 (b) the conditions in this table are satisfied.

Conditions to be satisfied
Item                        Condition