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

52   Section 703-25 (table items 2 and 3)

Repeal the items, substitute:


A unit trust (except a *public trading trust for the income year)

The trust must be:

(a) a resident trust estate for the income year for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936; and

(b) a *resident trust for CGT purposes for the income year


A *public trading trust for the income year

The trust must be a *resident unit trust for the income year