Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (53 of 2016)
Schedule 5 20% tracing rule and repeal of Division 6B
Part 3 Amendments consequential on the repeal of Division 6B
Income Tax Assessment Act 1997
49 Subsection 275-110(1)
Repeal the subsection, substitute:
(1) An entity that is a trust meets the requirement in this section at a time if the entity is not, at that time, a trading trust for the purposes of Division 6C of Part III of the Income Tax Assessment Act 1936 in relation to that income year.