Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-25
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PARTICULAR KINDS OF TRUSTS
A trust is covered under this section in relation to an income year if:
(a) apart from a particular circumstance, the trust would be a *managed investment trust in relation to the income year; and
(b) the circumstance is temporary; and
(c) the circumstance arose outside the control of the trustee of the trust; and
(d) it is fair and reasonable to treat the trust as a managed investment trust in relation to the income year, having regard to the following matters:
Division 275
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Australian managed investment trusts: general
Subdivision 275-A
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Meaning of managed investment trust
Operative provisions
SECTION 275-55
275-55
Extended definition of
managed investment trust
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temporary circumstances outside the control of the trustee
A trust is covered under this section in relation to an income year if:
(a) apart from a particular circumstance, the trust would be a *managed investment trust in relation to the income year; and
(b) the circumstance is temporary; and
(c) the circumstance arose outside the control of the trustee of the trust; and
(d) it is fair and reasonable to treat the trust as a managed investment trust in relation to the income year, having regard to the following matters:
(i) the matters in paragraphs (a) and (b);
(ii) the nature of the circumstance;
(iii) the actions (if any) taken by the trustee of the trust to address or remove the circumstance, and the speed with which such actions are taken;
(iv) the extent to which treating the trust as a managed investment trust in relation to the income year would increase or reduce the amount of tax otherwise payable by the trustee, the *members of the trust or any other entity;
(v) any other relevant matter.
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