Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:4_3:p2
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 4 cl 3 (pt 2/9)
Character Range: 128681–131278

wholesale membership); or
 (ii) if the trust is not covered by section 275‑15—the trust is registered under section 601EB of the Corporations Act 2001; and
 (e) the trust satisfies, in relation to the income year:
 (i) if, at the time the payment is made, the trust is registered under section 601EB of the Corporations Act 2001 and is covered by section 275‑15—either or both of the widely‑held requirements in subsections 275‑20(1) and 275‑25(1); or
 (ii) if, at the time the payment is made, the trust is so registered and is not covered by section 275‑15—either or both of the widely‑held requirements in subsections 275‑20(2) and 275‑25(1); or
 (iii) if, at the time the payment is made, the trust is not so registered and is covered by section 275‑15—the widely‑held requirements in subsection 275‑20(1); and
 (f) the trust satisfies the closely‑held restrictions in subsection 275‑30(1) in relation to the income year; and
 (g) if the trust is covered by section 275‑15 at the time the payment is made—it satisfies the licensing requirements in section 275‑35 in relation to the income year.

Trading unit trust or other trust carrying on trading business etc. cannot be managed investment trust
 (4) A trust is covered by this subsection in relation to an income year if:
 (a) in the case of a unit trust—the trust is a trading trust for the purposes of Division 6C of Part III of the Income Tax Assessment Act 1936 in relation to the income year; or
 (b) in any other case—the trust at any time in the income year:
 (i) carried on a trading business (within the meaning of that Division); or
 (ii) controlled, or was able to control, directly or indirectly, the affairs or operations of another person in respect of the carrying on by that other person of a trading business (within the meaning of that Division).

Crown entities etc.
 (5) For the purposes of paragraphs (3)(d) and (e), treat an entity as registered under section 601EB of the Corporations Act 2001 at the time the payment is made if at that time the trust is operated by:
 (a) an entity that would, but for subsection 5A(4) of that Act (about the Crown not being bound by Chapter 6CA or 7 of that Act), be required under that Act to be a financial services licensee (within the meaning of section 761A of that Act) whose licence would cover operating such a managed investment scheme; or
 (b) an entity that:
 (i) is a *wholly‑owned subsidiary of an entity of a kind mentioned in paragraph (a); and
 (ii) would, but for any instrument issued by ASIC under that Act that has effect in relation to the entity and operation