Document ID: chunk:federal_register_of_legislation:C2011C00698:clause:3_4:p2
Version: federal_register_of_legislation:C2011C00698
Segment Type: clause
Provision Reference: sch 3 cl 4 (pt 2/3)
Character Range: 26499–29069

the income year.

275‑20  No fund payment made in relation to the income year

  For the purposes of this Division, treat a trust in the same way as a *managed investment trust in relation to an income year if:
 (a) the trustee of the trust does not make a *fund payment in relation to the income year; and
 (b) the trust would be a managed investment trust in relation to the income year (or a trust that would be treated in the same way as a managed investment trust in relation to the income year through the operation of this Subdivision) if the trustee of the trust had made the first fund payment in relation to the income year on the first day of the income year; and
 (c) the trust would be a managed investment trust in relation to the income year (or a trust that would be treated in the same way as a managed investment trust in relation to the income year through the operation of this Subdivision) if the trustee of the trust had made the first fund payment in relation to the income year on the last day of the income year.

275‑30  Temporary circumstances outside the control of the trustee

  If, apart from a particular circumstance, a trust would be treated under this Subdivision in the same way as a *managed investment trust in relation to an income year, treat the trust in the same way as a managed investment trust in relation to the income year for the purposes of this Division if:
 (a) the circumstance is temporary; and
 (b) the circumstance arose outside the control of the trustee of the trust; and
 (c) it is fair and reasonable to treat the trust as a managed investment trust in relation to the income year, having regard to the following matters:
 (i) the matters in paragraphs (a) and (b);
 (ii) the nature of the circumstance;
 (iii) the actions (if any) taken by the trustee of the trust to address or remove the circumstance, and the speed with which such actions are taken;
 (iv) the extent to which treating the trust as a managed investment trust in relation to the income year would increase or reduce the amount of tax otherwise payable by the trustee, the beneficiaries of the trust or any other entity;
 (v) any other relevant matter.

275‑35  Application of subsections 102L(15) and 102T(16)

  To avoid doubt, subsections 102L(15) and 102T(16) of the Income Tax Assessment Act 1936 do not apply for the purposes of this Division.

Subdivision 275‑B—Choice for capital treatment of managed investment trust gains and losses

Table of sections

275‑100 Consequences of making choice—CGT to be primary code for calculating