Revised Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Josh Frydenberg MP)
An exception to this is where the trust is a 'public trading trust'. These rules seek to prevent large, widely held businesses running trading businesses through a trust. In this case, if the trust carries on a trading business and is 'public' (that is, widely held), the trust is taxed like a company.
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