Tax Laws Amendment (2010 Measures No. 3) Act 2010 (90 of 2010)

Schedule 5   Managed investment trusts

Income Tax Assessment Act 1997

1   Before section 275-15

Insert:

275-5 Treatment of trading trusts etc.

For the purposes of this Division, treat a trust in the same way as a *managed investment trust in relation to an income year if it would be a managed investment trust in relation to the income year if paragraph 12-400(2)(a) in Schedule 1 to the Taxation Administration Act 1953 were disregarded.

Note: If a trading trust is treated as a managed investment trust for the purposes of this Division for an income year, sections 275-100 (CGT to be primary code for calculating MIT gains or losses) and 275-120 (revenue account treatment) will not apply to the trust for the year (see subsections 275-100(1), 275-110(1) and 275-120(1)).

275-10 Trust with investment management activities outside Australia

For the purposes of this Division, treat a trust in the same way as a *managed investment trust in relation to an income year if it would be a managed investment trust in relation to the income year if paragraph 12-400(1)(c) in Schedule 1 to the Taxation Administration Act 1953 were disregarded.