Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (53 of 2016)

Schedule 5   20% tracing rule and repeal of Division 6B

Part 3   Amendments consequential on the repeal of Division 6B

Income Tax Assessment Act 1997

43   Subsection 130-20(4)

Repeal the subsection, substitute:

(4) The modifications in this section are not made if, for the income year in which the bonus equities are issued, the unit trust is a public trading trust within the meaning of section 102R of the Income Tax Assessment Act 1936.

Note: Subsection 26BC(9E) of the Income Tax Assessment Act 1936 (about securities lending arrangements) modifies the operation of this section.