Income Tax Assessment Act 1997
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).