Document ID: chunk:federal_register_of_legislation:C2025C00029:section:11:p10
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 11 (pt 10/64)
Character Range: 3319303–3321925

(AMITs) to a CCIV sub‑fund trust
195‑140 Entry on Australian Business Register

Operative provisions

195‑105  Effect of this Subdivision
 (1) This Subdivision has effect for the purposes of all *taxation laws, to the exclusion of those laws as they would otherwise apply in relation to *CCIVs and their members (in their capacity as such).
Note: Subsection (3) excludes some taxation laws from this subsection.
 (2) Without limiting the generality of subsection (1), the purposes referred to in that subsection include how *taxation laws apply in relation to other entities, in so far as that application is affected by the application of those laws in relation to *CCIVs and their members (in their capacity as such).
Note: For example, in applying subsection 318(1) of the Income Tax Assessment Act 1936 to determine whether a CCIV is an associate of a natural person for the purposes of a provision affecting the income tax payable by that person:
(a) paragraph 318(1)(d) of that Act (providing for when a trustee of a trust is an associate of the natural person) would apply; and
(b) paragraph 318(1)(e) of that Act (providing for when a company is an associate of the natural person) would not apply.
 (3) Subsections (1) and (2) do not apply to the following *taxation laws:
 (a) the Foreign Acquisitions and Takeovers Act 1975;
 (b) legislative instruments made under that Act.

195‑110  Each sub‑fund of a CCIV is taken to be a separate trust
 (1) For each *sub‑fund of a *CCIV, the business, *assets and *liabilities of the sub‑fund are taken to constitute the trust estate of a separate trust, of which the CCIV is the trustee and the *members of the sub‑fund are the beneficiaries.
 (2) A trust that is taken to exist because of the application of subsection (1) to a *sub‑fund of a *CCIV is a CCIV sub‑fund trust.
Note: The combined effect of this section and subsections 960‑100(2) and (3) is that a CCIV is a different entity in its capacity as trustee of each of its CCIV sub‑fund trusts.
 Because of subsection 195‑105(1), the tax treatment of the CCIV in those capacities excludes the tax treatment that would otherwise apply to the CCIV as a company. Also, the tax treatment of members of the CCIV is based on them being treated as beneficiaries of their respective CCIV sub‑fund trusts, to the exclusion of the tax treatment that would otherwise apply to them as members of a company.
Example 1:  CCIV A has only one sub‑fund (sub‑fund A). CCIV B has only one sub‑fund (sub‑fund B).
 CCIV A holds shares in CCIV B. The shares are referable to sub‑fund B. They are assets of sub‑fund A.
 In its capacity