Document ID: chunk:federal_register_of_legislation:C2007A00079:clause:9_32:p2
Version: federal_register_of_legislation:C2007A00079
Segment Type: clause
Provision Reference: sch 9 cl 32 (pt 2/2)
Character Range: 90930–92130

which are held indirectly by an entity covered by an earlier paragraph through a *chain of trusts;
  where the conditions in subitems (4) and (5) are satisfied for the trust, or for each trust in the chain.

(8) The condition in subitem (6) is not satisfied for a trust at a time if, at that time, one foreign resident individual, directly or indirectly:
 (a) held, or had the right to acquire, interests representing 10% or more of the value of the interests in the trust; or
 (b) had the control of, or the ability to control, 10% or more of the rights attaching to membership interests in the trust; or
 (c) had the right to receive 10% or more of any distribution of income that the trustee may make.

(9) The times in an income year are:
 (a) for a trust that was in existence throughout the income year—the first day and the last day of the income year; and
 (b) for a trust that comes into existence in the income year—the time that is 1 month after the time the trust comes into existence, and the last day of the income year; and
 (c) for a trust that ceases to exist in the income year—the first day of the income year and the time that is 1 month before the time the trust ceases to exist.