Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (53 of 2016)

Schedule 6   Consequential amendments

Taxation Administration Act 1953

47   Subsection 12-390(9) in Schedule 1

Repeal the subsection, substitute:

Meaning of custodian

(9) An entity is a custodian if:

(a) the entity is *carrying on a *business that consists predominantly of providing a custodial or depository service (as defined by section 766E of the Corporations Act 2001) pursuant to an *Australian financial services licence; or

(b) the entity is acting on behalf of an entity that is carrying on such a business pursuant to such a licence.