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 275-55   275-55   Extended definition of managed investment trust - temporary circumstances outside the control of the trustee  
A trust is covered under this section in relation to an income year if:


(a) apart from a particular circumstance, the trust would be a *managed investment trust in relation to the income year; and


(b) the circumstance is temporary; and


(c) the circumstance arose outside the control of the trustee of the trust; and


(d) it is fair and reasonable to treat the trust as a managed investment trust in relation to the income year, having regard to the following matters:


(i) the matters in paragraphs (a) and (b);

(ii) the nature of the circumstance;

(iii) the actions (if any) taken by the trustee of the trust to address or remove the circumstance, and the speed with which such actions are taken;

(iv) the extent to which treating the trust as a managed investment trust in relation to the income year would increase or reduce the amount of tax otherwise payable by the trustee, the *members of the trust or any other entity;

(v) any other relevant matter.

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