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
51 Subsection 392-20(5)
Repeal the subsection, substitute:
Public trading trusts
(5) You are not taken to carry on a *primary production business carried on by the trustee of a public trading trust (as defined in section 102R of the Income Tax Assessment Act 1936, which deals with public trading trusts).