Document ID: chunk:federal_register_of_legislation:C2007A00079:clause:10_3:p1
Version: federal_register_of_legislation:C2007A00079
Segment Type: clause
Provision Reference: sch 10 cl 3 (pt 1/4)
Character Range: 98719–101321

3                           At the time the payment 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); or
                            (c) one of the entities covered by a paragraph of subsection (2) is a member of the trust.

 (2) These are the entities:
 (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 trust for which the conditions in table items 1 and 2 in subsection (1), and the condition in paragraph (a) or (b) of table item 3, are satisfied;
 (d) an entity that is recognised, under a *foreign law relating to corporate regulation, as an entity with a similar status to a managed investment scheme and that has at least 50 members;
 (e) a trust:
 (i) interests in which are owned directly by an entity covered by an earlier paragraph; or
 (ii) interests in which are held indirectly by an entity covered by an earlier paragraph through a *chain of trusts;
  where the conditions in table items 1 and 2 in subsection (1) are satisfied for the trust, or for each trust in the chain.

Exception: foreign resident individual having a substantial interest

 (3) The condition in table item 3 in subsection (1) is not satisfied for a trust at a time if, at that time, one foreign resident individual, directly or indirectly:
 (a) held, or had the right to acquire, interests representing 10% or more of the value of the interests in the trust; or
 (b) had the control of, or the ability to control, 10% or more of the rights attaching to *membership interests in the trust; or
 (c) had the right to receive 10% or more of any distribution of income that the trustee may make.

Start‑up phase

 (4) A trust that is created during an income year is a managed investment trust in relation to the income year if, at the time the trustee of the trust makes the first *fund payment in relation to the income year, the conditions in table items 1 and 2 in subsection (1) are satisfied for the trust.

Wind‑up phase

 (5) A trust that ceases to exist during an income year is a managed investment trust in relation to the income year if:
 (a) at the time the trustee makes the first *fund payment in relation to the income year, the conditions in table items 1 and 2 in subsection (1) are satisfied for the trust; and
 (b) the trust was a *managed investment