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 275-45   Meaning of managed investment trust - every member of trust is a managed investment trust etc.  

275-45(1)  
A trust is covered under this section in relation to an income year if:


(a) the condition in paragraph 275-10(3)(a) is satisfied; and


(b) the condition in paragraph 275-10(3)(b) is satisfied; and


(c) either:


(i) the only *members of the trust are entities that are covered by subsection 275-20(4) (other than entities mentioned in paragraph 275-20(4)(f) ); or

(ii) the only members of the trust are entities that are *managed investment trusts in relation to the income year because of subsection 275-10(2) ; and


(d) the trust satisfies the licensing requirements in section 275-35 in relation to the income year.

275-45(2)  
A requirement in paragraph (1)(a) is satisfied if, and only if, it is satisfied:


(a) at the time the trustee of the trust makes the first *fund payment in relation to the income year; or


(b) if the trustee does not make such a payment in relation to the income year - at both the start and the end of the income year.


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