Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 3   Managed investment trusts

Taxation Administration Act 1953

9   After section 45-285 in Schedule 1

Insert:

45-286 Instalment income includes distributions by certain managed investment trusts

Your instalment income for a period includes trust income or trust capital that a trust distributes to you, or applies for your benefit, during that period if:

(a) the income or capital is not included in your instalment income under section 45-280 or 45-285; and

(b) the trust satisfies the condition in item 1 of the table in subsection 12-400(1) in relation to the income year that is or includes that period; and

(c) the trust is:

(i) a *managed investment trust for that income year; or

(ii) treated as a managed investment trust for that income year for the purposes of Division 275 of the Income Tax Assessment Act 1997; and

(d) the trust meets the requirement in section 275-110 of that Act throughout the income year.

(It does not matter whether the trust income or trust capital is included in your assessable income for the income year that is or includes that period.)