Document ID: chunk:federal_register_of_legislation:C2016C00501:clause:5_4:p4
Version: federal_register_of_legislation:C2016C00501
Segment Type: clause
Provision Reference: sch 5 cl 4 (pt 4/7)
Character Range: 25095–27785

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 to the income year;
 (e) an entity that is recognised under a *foreign law as being used for collective investment by means of pooling the contributions of at least 50 members of the entity as consideration to acquire rights to benefits produced by the entity, if the members of the entity do not have day‑to‑day control over the operation of the entity;
 (f) an entity, the principal purpose of which is to fund pensions (including disability and similar benefits) for the citizens or other contributors of a foreign country, if:
 (i) the entity is a fund established by an *exempt foreign government agency; or
 (ii) the entity is established under a foreign law for an exempt foreign government agency; or
 (iii) the entity is a *wholly‑owned subsidiary of an entity mentioned in subparagraph (i) or (ii);
 (g) an investment entity that satisfies all of these requirements:
 (i) the entity is wholly‑owned by one or more *foreign government agencies, or is a wholly‑owned subsidiary of one or more foreign government agencies;
 (ii) the entity is established using only the public money or public property of the foreign government concerned;
 (iii) all economic benefits obtained by the entity have passed, or are expected to pass, to the foreign government concerned;
 (h) an entity established and wholly‑owned by an *Australian government agency, if the capital of the entity, and returns from the investment of that capital, are used for the primary purpose of meeting statutory government liabilities or obligations (such as superannuation liabilities and liabilities arising from compensation or workcover claims);
 (i) an entity of a kind similar to an entity mentioned in the preceding paragraphs of this subsection as specified in the regulations.
 (4) The rules are as follows:
 (a) if an entity that is not a trust holds interests in the trust indirectly, through a *chain of trusts:
 (i) treat the entity as a member of the trust; and
 (ii) do not treat a trust in the chain of trusts as a member of the trust;
 (b) do not treat an object of the trust as a member of the trust;
 (ba) if the trust is mentioned in subparagraph 12‑400(1)(e)(i) (trusts with wholesale membership)—do not treat an individual as a member of the trust (other than an individual who became a member of the trust because a financial product or a financial service was provided to, or acquired by, the individual as a wholesale client (within the meaning of section 761G