Document ID: chunk:federal_register_of_legislation:C2016C00501:clause:5_4:p3
Version: federal_register_of_legislation:C2016C00501
Segment Type: clause
Provision Reference: sch 5 cl 4 (pt 3/7)
Character Range: 22657–25324

at that time:
 (a) the trust is not required to be registered in accordance with section 601ED of the Corporations Act 2001 (whether or not it is actually so registered) because of subsection 601ED(2) of that Act (no product disclosure statement required) or because it is operated or managed by an entity covered by subsection 12‑403(2) (Crown entities); and
 (b) the total number of entities that had become a *member of the trust because a financial product or a financial service was provided to, or acquired by, the entity as a retail client (within the meaning of sections 761G and 761GA of the Corporations Act 2001) is no more than 20; and
 (c) the entities mentioned in paragraph (b) have a total *MIT participation interest in the trust of no more than 10%.

12‑402  Widely‑held requirements—ordinary case
 (1) The trust satisfies the requirements in this subsection in relation to the income year if, at the time the payment mentioned in paragraph 12‑400(1)(a) is made, the trust has at least 25 *members.
 (1A) The trust satisfies the requirements in this subsection in relation to the income year if, at the time the payment mentioned in paragraph 12‑400(1)(a) is made:
 (a) units in the trust are listed for quotation in the official list of an *approved stock exchange in Australia; or
 (b) the trust has at least 50 *members (ignoring objects of a trust).
 (2) For the purposes of subsection (1) and paragraph (1A)(b), determine the number of *members of the trust as follows:
 (a) first, by applying the rules in subsection (4), identify:
 (i) the members of the trust that are not entities covered by subsection (3); and
 (ii) the members of the trust that are entities covered by subsection (3);
 (b) next, work out the number of members mentioned in subparagraph (a)(i);
 (c) next:
 (i) work out the *MIT participation interest in the trust of each entity mentioned in subparagraph (a)(ii); and
 (ii) for each of those entities, multiply the total of its MIT participation interest in the trust by 50 and round the result upwards to the nearest whole number; and
 (iii) work out the total of the results of subparagraph (ii) for all of those entities;
 (d) next, work out the total of the results of paragraphs (b) and (c).
 (3) This subsection covers the following kinds of entity:
 (a) a *life insurance company;
 (b) a *complying superannuation fund, a *complying approved deposit fund or a *foreign superannuation fund, being a fund that has at least 50 *members;
 (c) a *pooled superannuation trust that has at least one member that is a complying superannuation fund that has at least 50 members;
 (d) a *managed investment trust in relation