Tax Law Improvement Act (No. 1) 1998 (46 of 1998)
10 Amendment of Chapter 6 (the Dictionary) of the Income Tax Assessment Act 1997
129 Subsection 995-1(1)
Insert:
resident trust for CGT purposes: a trust is a resident trust for CGT purposes for an income year if, at any time during the income year:
(a) for a trust that is not a unit trust, the trustee is an Australian resident or the central management and control of the trust is in Australia; or
(b) for a unit trust, one of the requirements in column 2 and one of the requirements in column 3 of this table are satisfied.
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Requirements for unit trust |
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One of these requirements is satisfied |
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1 |
Any property of the trust is situated in Australia |
The central management and control of the trust is in Australia |
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2 |
The trust carries on a *business in Australia |
Australian residents held more than 50% of the beneficial interests in the income or property of the trust |