Income Tax Assessment Act 1936
SCHEDULE 2F
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TRUST LOSSES AND OTHER DEDUCTIONS
Division 272
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Interpretation
If:
(a) apart from this Subdivision, a trust is an unlisted widely held trust, an unlisted very widely held trust or a wholesale widely held trust; and
(b) each of one or more trusts of a higher level (see subsection (3)) has, directly or indirectly, fixed entitlements to all of the income and capital of the trust;
For the purposes of this Subdivision, trusts are of the following kinds:
(a) unlisted widely held trust;
(b) unlisted very widely held trust;
(c) wholesale widely held trust;
(d) listed widely held trust. 272-127(3)
The kinds of trust are allocated levels in the following order (from lowest to highest): unlisted widely held trust, unlisted very widely held trust, wholesale widely held trust and listed widely held trust.
Subdivision 272-J
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Kind of trust can be affected by ownership by higher level trust
SECTION 272-127
KIND OF TRUST CAN BE AFFECTED BY OWNERSHIP BY HIGHER LEVEL TRUST
272-127(1)
If:
(a) apart from this Subdivision, a trust is an unlisted widely held trust, an unlisted very widely held trust or a wholesale widely held trust; and
(b) each of one or more trusts of a higher level (see subsection (3)) has, directly or indirectly, fixed entitlements to all of the income and capital of the trust;
the trust is instead a trust of the same kind (see subsection (2)) as the trust of the highest level.
272-127(2)For the purposes of this Subdivision, trusts are of the following kinds:
(a) unlisted widely held trust;
(b) unlisted very widely held trust;
(c) wholesale widely held trust;
(d) listed widely held trust. 272-127(3)
The kinds of trust are allocated levels in the following order (from lowest to highest): unlisted widely held trust, unlisted very widely held trust, wholesale widely held trust and listed widely held trust.
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