Income Tax Assessment Act 1936
Div 266 inserted by No 17 of 1998.
Subdiv 266-D inserted by No 17 of 1998.
There must be no abnormal trading in the trust ' s units during the test period.
To find out the meaning of abnormal trading : see Subdivision 269-B .266-125(2)
If there is abnormal trading on one or more occasions, then either:
(a) for each abnormal trading, the trust must pass the 50% stake test in respect of the following times:
(i) the beginning of the test period;
(ii) immediately after the abnormal trading; or
(b) if it does not, at all times after the first or only abnormal trading in respect of which the requirement in paragraph (a) is not satisfied and before the end of the test period, the trust must pass the business continuity test in relation to the time immediately before that abnormal trading.
To find out whether the trust passes the 50% stake test: see Subdivision 269-C .
To find out whether the trust passes the business continuity test: see Subdivision 269-F .
S 266-125(2) amended by No 7 of 2019, s 3 and Sch 1 items 24 and 25, by substituting " business continuity test " for " same business test " in para (b) and in the second note, effective 1 April 2019 and applicable in relation to income years starting on or after 1 July 2015.
S 266-125 inserted by No 17 of 1998.
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