Document ID: chunk:federal_register_of_legislation:C2025C00014:schedule:2f:p38
Version: federal_register_of_legislation:C2025C00014
Segment Type: schedule
Provision Reference: sch 2F (pt 38/79)
Character Range: 2299125–2301689

or relationship of the individual; and
 (iii) the control did not continue after the replacement group began to control the trust;
  the person or persons are taken not to have controlled the trust.

Deemed absence of control
 (4) If:
 (a) at a particular time, a group controls a non‑fixed trust; and
 (b) the Commissioner, having regard to:
 (i) the identity of the beneficiaries of the trust at any time before and at any time after the group began to control the trust; and
 (ii) all other relevant circumstances;
  considers that it is reasonable that the group be taken not to control the trust at the particular time;
the group is taken not to control the trust at the particular time.

Group
 (5) A group is:
 (a) a person; or
 (b) a person and one or more associates; or
 (c) 2 or more associates of a person.

Subdivision 269‑F—Business continuity test

269‑100  Passing the business continuity test

Basic meaning
 (1) A listed widely held trust passes the business continuity test during a period (the business continuity test period) in relation to a time (the test time) if throughout the business continuity test period it carries on the same business as it carried on immediately before the test time.

Relevance of being a trust
 (2) The mere fact of being a trust does not mean that the trust cannot carry on a business.

First exception
 (3) However, the trust does not pass the business continuity test under this section if, at any time during the business continuity test period, it derives assessable income from:
 (a) a business of a kind that it did not carry on before the test time; or
 (b) a transaction of a kind that it had not entered into in the course of its business operations before the test time.

Second exception
 (4) The trust also does not pass the business continuity test under this section if, before the test time, it:
 (a) began to carry on a business it had not previously carried on; or
 (b) in the course of its business operations, entered into a transaction of a kind that it had not previously entered into;
and did so for the purpose, or for purposes including the purpose, of being taken to have carried on throughout the business continuity test period the same business as it carried on immediately before the test time.

Third exception
 (5) So far as the test is applied for the purpose of section 266‑115 (Listed widely held trust may be required to work out its net income and tax loss in a special way) and section 268‑20 (Widely held unit trust's income year to be divided into periods), the trust also