INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-25 - PARTICULAR KINDS OF TRUSTS  

Division 275 - Australian managed investment trusts: general  

Subdivision 275-A - Meaning of managed investment trust  

Operative provisions

SECTION 275-40   MIT participation interest  

275-40(1)  
An entity has a MIT participation interest in a trust if the entity, directly or indirectly:


(a) holds, or has the right to *acquire, interests representing a percentage of the value of the interests in the trust; or


(b) has the control of, or the ability to control, a percentage of the rights attaching to *membership interests in the trust; or


(c) has the right to receive a percentage of any distribution of income that the trust may make.

275-40(2)  
The MIT participation interest of the entity in the trust is the greatest of the percentages mentioned in paragraphs (1)(a), (b) and (c).


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