Document ID: chunk:federal_register_of_legislation:C2016C00501:clause:5_7
Version: federal_register_of_legislation:C2016C00501
Segment Type: clause
Provision Reference: sch 5 cl 7
Character Range: 34817–36153

7  Transitional—trusts that were managed investment trusts etc. for income year starting before 26 May 2010
(1) This item applies if:
 (a) apart from this item, a trust is not a managed investment trust in relation to an income year; and
 (b) the income year is the 2010‑11, 2011‑12, 2012‑13, 2013‑14, 2014‑15, 2015‑16 or 2016‑17 income year.
(1A) Without limiting subitem (1), this item also applies for the purposes of Division 275 of the Income Tax Assessment Act 1997 (Australian managed investment trusts) if:
 (a) apart from this item, a trust is not a managed investment trust in relation to an income year; and
 (b) the income year is the 2008‑09 or 2009‑10 income year.
(2) The trust is a managed investment trust in relation to the income year if:
 (a) the trust is a managed investment trust (within the meaning of former section 12‑400 in Schedule 1 to the Taxation Administration Act 1953 immediately before the commencement of this Schedule) in relation to the income year; and
 (b) in relation to an income year starting before 26 May 2010, the trust:
 (i) was a managed investment trust (within that meaning); or
 (ii) would have been a managed investment trust (within that meaning) if the trustee of the trust had made the first fund payment in relation to the income year in that income year and before 26 May 2010.