INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-25 - PARTICULAR KINDS OF TRUSTS  

Division 276 - Australian managed investment trusts: attribution managed investment trusts  

Subdivision 276-A - What is an attribution managed investment trust?  

Operative provisions

SECTION 276-15   Clearly defined interests  

276-15(1)  
Without limiting the circumstances in which the rights to income and capital arising from the *membership interests in a trust are clearly defined for the purposes of paragraph 276-10(1)(b) , treat such rights as being clearly defined at a particular time for those purposes if any of the following conditions are satisfied at that time:


(a) the trust is registered under section 601EB of the Corporations Act 2001 ;


(b) the rights to income and capital arising from each of the membership interests in the trust are the same.

276-15(2)  
For the purposes of working out whether the condition in paragraph (1)(b) is satisfied, disregard the following:


(a) fees or charges imposed by the trustee on the *members of the trust;


(b) issue and redemption prices of *membership interests in the trust;


(c) exposure of the membership interests in the trust to foreign exchange gains and losses.


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