Document ID: chunk:federal_register_of_legislation:C2019A00034:clause:1_11:p11
Version: federal_register_of_legislation:C2019A00034
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 11/16)
Character Range: 35431–38220

(3) The amount is not MIT trading trust income of the *managed investment trust under subsection (2) to the extent that it is attributable to a *capital gain made from *CGT event E4 or *CGT event E10.

12‑447  Transitional—MIT trading trust income
 (1) This section applies if:
 (a) an amount (the relevant amount) included in the assessable income for an income year of a *managed investment trust is *MIT trading trust income of the managed investment trust (disregarding this section); and
 (b) immediately before 27 March 2018, the managed investment trust held a *total participation interest (the pre‑announcement TPI) of greater than nil in the second entity mentioned in subsection 12‑446(1) (the second entity); and
 (c) the relevant amount was derived, received or made by the managed investment trust before 1 July 2026.
 (2) Treat part of the relevant amount as not being *MIT trading trust income of the *managed investment trust.
 (3) That part is equal to the relevant amount multiplied by the fraction worked out under subsections (4) and (5).
 (4) If the *total participation interest (the post‑announcement TPI) held by the *managed investment trust in the second entity at the end of the most recent income year ending before it derived, received or made the relevant amount exceeds the pre‑announcement TPI, work out that fraction by dividing:
 (a) the pre‑announcement TPI;
by:
 (b) the post‑announcement TPI.
 (5) Otherwise, the fraction is 1.

12‑448  Meaning of MIT agricultural income, Australian agricultural land for rent and Division 6C land
 (1) This section applies if:
 (a) an amount is included in the assessable income for an income year of a *managed investment trust in relation to the income year (worked out for the purposes of determining the trust's *net income, or in the case of an *AMIT, the trust's total assessable income, for the income year); and
 (b) the amount mentioned in paragraph (a) is not an amount mentioned in paragraph 12‑405(1)(a), (b), (c), (d) or (e).
 (2) The amount is MIT agricultural income of the *managed investment trust to the extent that it is attributable to an asset that is *Australian agricultural land for rent (whether or not held by the managed investment trust).
 (3) Australian agricultural land for rent is *Division 6C land situated in Australia that:
 (a) is used, or could reasonably be used, for carrying on a *primary production business; and
 (b) is held primarily for the purposes of deriving or receiving rent.
 (4) For the purposes of this section, if an *economic infrastructure facility is a fixture on *Australian agricultural land for rent:
 (a) treat the economic infrastructure facility as being separate from the Australian agricultural land for rent; and
 (b) treat the economic infrastructure