Document ID: chunk:federal_register_of_legislation:C2025C00029:section:7:p22
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 7 (pt 22/58)
Character Range: 2353635–2356267

of this section is:
 (a) the value of the asset or investment as shown in a statement, prepared in accordance with the *accounting standards and audited by the entity's auditor, showing that value as at a time no longer than 12 months before that time; or
 (b) the value provided for by section 118‑450 if:
 (i) the entity does not have an auditor at that time; and
 (ii) the entity is not required under subsection (6) of this section to have an auditor at that time.

Application to groups
 (12) If a group of entities:
 (a) is treated as a *consolidated group because of a choice that a unit trust has made under section 713‑130; or
 (b) would be treated as a consolidated group because of such a choice:
 (i) if a unit trust were to make such a choice; or
 (ii) if a unit trust that is not a *public trading trust were such a trust and were to make such a choice;
this section applies in relation to the entities as if:
 (c) the unit trust carried on, as the *head company of the consolidated group or consolidatable group, all of the activities that are carried on by the other members of the group; and
 (d) the assets, employees and income of the other members of the group were assets, employees and income of the unit trust; and
 (e) each of the other members of the group were parts of the unit trust rather than separate entities.

Exception to requirements relating to location within Australia
 (13) A unit trust is taken to meet the requirements of subsection (3) in relation to an investment made by an entity if the sum of:
 (a) the value of the investment at the time the entity makes it; and
 (b) the total value of all the other investments that the entity owns at that time that do not, or apart from this subsection would not, meet those requirements;
does not exceed 20% of the partnership's *committed capital.
Note: See subsection (11) for the value of investments.

Ineligible activities
 (14) These activities are ineligible activities:
 (a) property development or land ownership;
 (b) finance, to the extent that it is any of the following:
 (i) banking;
 (ii) providing capital to others;
 (iii) leasing;
 (iv) factoring;
 (v) securitisation;
 (c) insurance;
 (d) construction (including extension, improvement or up‑grading) or acquisition of infrastructure facilities (within the meaning of section 93L of the Development Allowance Authority Act 1992, as in force just before the commencement of Schedule 6 to the Statute Update (Smaller Government) Act 2018) or related facilities (within the meaning of section 93M of that Act), or both;
 (e) making investments, whether made directly or indirectly,