Income Tax Assessment Act 1997
This section applies if:
(a) the requirements in subsection 275-100(1) are met in relation to a *CGT asset held by a *managed investment trust, apart from the requirement in paragraph 275-100(1)(f) ; and
(b) the CGT asset is not:
(i) land (including an interest in land); or
(ii) a right or option to *acquire or *dispose of land (including an interest in land); and
(c) the managed investment trust disposes of, ceases to own or otherwise realises the asset; and
(d) disregarding this section:
(i) the net proceeds (if any) from the disposal, cessation or realisation would not be reflected in an amount being included in the assessable income of the managed investment trust (other than under Part 3-1 or 3-3 ); and
(ii) the gain or profit (if any) on the disposal, cessation or realisation would not be reflected in an amount being included in the assessable income of the managed investment trust (other than under Part 3-1 or 3-3 ); and
(iii) the loss (if any) on the disposal, cessation or realisation would not be reflected in an amount being deductible by the managed investment trust.
For the purpose of this Act, treat the disposal, cessation of ownership of or realisation of the asset in the same way as the disposal, cessation of ownership of or realisation of a *revenue asset.
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