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  • Corporate unit trusts

    Unit trusts that were corporate unit trusts (CUTs) under the former Division 6B of Part III of the Income Tax Assessment Act 1936 will cease to be CUTs for income years starting on, or after, 1 July 2016 as a result of the repeal of Division 6B.

    Trustees of these affected trusts must consider the impact of these changes on the trust's registration requirements and tax obligations.

    Some affected trusts may satisfy the requirements of a public trading trust, and if so, will be taxed as a corporate tax entity under Division 6C. These trusts will lodge a company tax return using their current company TFN.

    An affected trust will still be treated as a corporate tax entity and lodge a company tax return using its current company TFN for income years on or after 1 July 2016 if it has made a choice under Subdivision 713-C of the Income Tax Assessment Act 1997 to be the head company of an income tax consolidated group.

    See also:

      Last modified: 24 May 2021QC 54719