Document ID: chunk:federal_register_of_legislation:C2011C00698:clause:3_4:p1
Version: federal_register_of_legislation:C2011C00698
Segment Type: clause
Provision Reference: sch 3 cl 4 (pt 1/3)
Character Range: 23997–26715

4  After Part 3‑10
Insert:

Part 3‑25—Particular kinds of trusts

Division 275—Australian managed investment trusts

Table of Subdivisions

 Guide to Division 275
275‑A Extended concept of managed investment trust for the purposes of this Division
275‑B Choice for capital treatment of managed investment trust gains and losses
275‑C Carried interests in managed investment trusts

Guide to Division 275

275‑1  What this Division is about

      The trustee of certain Australian managed investment trusts may make a choice that certain assets of the trust be dealt with under CGT rules. If the trustee does not make such a choice, those assets will be treated as revenue assets (see Subdivision 275‑B).
      Gains and profits from carried interests held in entities that are or were Australian managed investment trusts are included in the assessable income of the holder of the interests. The holder is entitled to a deduction from losses from such interests (see Subdivision 275‑C).

Subdivision 275‑A—Extended concept of managed investment trust for the purposes of this Division

Table of sections

275‑5 Trust operated or managed by a financial services licensee etc.
275‑10 Managed investment schemes that are not subject to requirement to be operated by financial services licensee
275‑15 Every member of trust is a managed investment trust
275‑20 No fund payment made in relation to the income year
275‑25 Trust held by small group not to be treated as managed investment trust
275‑30 Temporary circumstances outside the control of the trustee
275‑35 Application of subsections 102L(15) and 102T(16)

275‑15  Every member of trust is a managed investment trust

 (1) For the purposes of this Division, treat a trust in the same way as a *managed investment trust in relation to an income year if:
 (a) the condition in item 1 of the table in subsection 12‑400(1) in Schedule 1 to the Taxation Administration Act 1953 is satisfied; and
 (b) every *member of the trust is a managed investment trust in relation to the income year (or a trust that is treated in the same way as a managed investment trust in relation to the income year through the operation of this Subdivision).

 (2) A requirement in paragraph (1)(a) is satisfied if, and only if, it is satisfied:
 (a) at the time the trustee of the trust makes the first *fund payment in relation to the income year; or
 (b) if the trustee does not make such a payment in relation to the income year—at both the start and the end of the income year.

275‑20  No fund payment made in relation to the income year

  For the purposes of this Division, treat a trust in the same way as a *managed investment trust in relation to an income year if:
 (a)