Document ID: chunk:federal_register_of_legislation:C2016C00501:clause:5_4:p1
Version: federal_register_of_legislation:C2016C00501
Segment Type: clause
Provision Reference: sch 5 cl 4 (pt 1/7)
Character Range: 17926–20561

4  Section 12‑400 in Schedule 1
Repeal the section, substitute:

12‑400  Meaning of managed investment trust
 (1) A trust is a managed investment trust in relation to an income year if:
 (a) at the time the trustee of the trust makes the first *fund payment in relation to the income year, or at an earlier time in the income year:
 (i) the trustee of the trust was an Australian resident; or
 (ii) the central management and control of the trust was in Australia; and
 (b) the trust is not a trust covered by subsection (2) (trading trust etc.) in relation to the income year; and
 (c) a substantial proportion of the investment management activities carried out in relation to the trust in respect of all of the following assets of the trust are carried out in Australia throughout the income year:
 (i) assets that are situated in Australia at any time in the income year;
 (ii) assets that are *taxable Australian property at any time in the income year;
 (iii) assets that are *shares, units or interests listed for quotation in the official list of an *approved stock exchange in Australia at any time in the income year; and
 (d) at the time the payment is made, the trust is a managed investment scheme (within the meaning of section 9 of the Corporations Act 2001); and
 (e) at the time the payment is made:
 (i) the trust is covered by section 12‑401 (trusts with wholesale membership); or
 (ii) if the trust is not covered by section 12‑401—the trust is registered under section 601EB of the Corporations Act 2001; and
 (f) 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 12‑401—either or both of the widely‑held requirements in subsections 12‑402(1) and 12‑402A(1); or
 (ii) if, at the time the payment is made, the trust is so registered and is not covered by section 12‑401—either or both of the widely‑held requirements in subsections 12‑402(1A) and 12‑402A(1); or
 (iii) if, at the time the payment is made, the trust is not so registered and is covered by section 12‑401—the widely‑held requirements in subsection 12‑402(1); and
 (g) the trust satisfies the closely‑held restrictions in subsection 12‑402B(1) in relation to the income year; and
 (h) if the trust is covered by section 12‑401 at the time the payment is made—it satisfies the licensing requirements in section 12‑403 in relation to the income year.

Trading unit trust or other trust carrying on trading business etc. cannot be managed investment trust
 (2) A trust is covered by this subsection in relation