Document ID: chunk:federal_register_of_legislation:C2025C00014:schedule:2f:p13
Version: federal_register_of_legislation:C2025C00014
Segment Type: schedule
Provision Reference: sch 2F (pt 13/79)
Character Range: 2240001–2242526

but the trust's ownership did not change.
                  Note: The exceptions mentioned in this section apply differently in relation to designated infrastructure project entities: see sections 415‑25 and 415‑30 of the Income Tax Assessment Act 1997.

266‑145  Diagram giving overview of this Subdivision

266‑150  Unlisted very widely held trust or wholesale widely held trust may be denied tax loss deduction
 (1) If a trust is covered by subsection (2), it cannot deduct in the income year a tax loss from a loss year unless it meets either:
• the condition in subsection 266‑165(1); or
• the condition in subsection 266‑165(2).
 (2) A trust is covered by this subsection if:
 (a) in the period (the test period) from the later of:
 (i) the beginning of the loss year; and
 (ii) the end of any start‑up period (within the meaning of subsection 272‑120(3));
  until the end of the income year, the trust:
 (iii) was at all times an unlisted very widely held trust; or
 (iv) was at all times a wholesale widely held trust; or
 (v) was at some time an unlisted very widely held trust and, at any time when it was not, was a wholesale widely held trust or a listed widely held trust; or
 (vi) was at some time a wholesale widely held trust and, at any time when it was not, was an unlisted very widely held trust or a listed widely held trust; and
 (b) in the test period, the trust was not at all times an excepted trust.
To find out the meaning of unlisted very widely held trust: see section 272‑120.
To find out the meaning of wholesale widely held trust: see section 272‑125.
To find out the meaning of excepted trust: see section 272‑100.
To find out the meaning of listed widely held trust: see section 272‑115.

266‑155  Unlisted very widely held trust or wholesale widely held trust may be required to work out its net income and tax loss in a special way
 (1) If a trust is covered by subsection (2), it must work out its net income and tax loss for the income year under Division 268 (How to work out a trust's net income and tax loss for the income year), unless it meets either:
• the condition in subsection 266‑165(1); or
• the condition in subsection 266‑165(2).
 (2) A trust is covered by this subsection if:
 (a) in the period (the test period) consisting of so much of the income year as occurs after the end of any start‑up period (within the meaning of subsection 272‑120(3)), the trust:
 (i) was at all times an unlisted very widely held trust; or
 (ii) was at all times a wholesale widely held trust;