Document ID: chunk:federal_register_of_legislation:C2015A00130:clause:3_1:p3
Version: federal_register_of_legislation:C2015A00130
Segment Type: clause
Provision Reference: sch 3 cl 1 (pt 3/3)
Character Range: 40876–42960

secure the borrowing or provision of credit, the trustee of the trust acquires an asset or assets (the underlying investment); and
 (c) the investor has a beneficial interest in the underlying investment as the sole beneficiary of the trust; and
 (d) for a provision of credit—the credit was provided to the investor to acquire the asset, or one of the assets, that comprises the underlying investment; and
 (e) the investor is entitled to the benefit of all income from the underlying investment; and
 (f) the investor is entitled to acquire legal ownership of the underlying investment on discharging its obligations relating to the borrowing or provision of credit.
Note: For paragraph (c), the sole beneficiary of the trust may be 2 or more entities that have an interest in the trust as joint tenants or tenants in common: see subsection 235‑815(3).
 (2) However, this section does not cover a trust if the investor is a trustee of a *regulated superannuation fund and the *arrangement includes a *borrowing.
 (3) This section does not cover a trust if the underlying investment is subject to any charge, security or other encumbrance (apart from any charge securing the obligations relating to the *borrowing or provision of credit).

235‑835  Requirement for underlying investments to be listed or widely held
 (1) A trust satisfies the requirements in this section if:
 (a) each asset that is, or is part of, the underlying investment is:
 (i) a *share, a unit in a unit trust or a stapled security; or
 (ii) an interest in an entity that holds an interest in a share, a unit in a unit trust or a stapled security either directly, or indirectly through one or more interposed entities; and
 (b) each such share, unit or stapled security:
 (i) is listed for quotation in the official list of an *approved stock exchange; or
 (ii) meets the widely held requirement set out in the applicable item of the following table.

Widely held requirements
Item                      Column 1                Column 2
                          Type of asset           Widely held requirement