Tax Law Improvement Act (No. 1) 1998 (46 of 1998)

10   Amendment of Chapter 6 (the Dictionary) of the Income Tax Assessment Act 1997

129   Subsection 995-1(1)

Insert:

resident trust for CGT purposes: a trust is a resident trust for CGT purposes for an income year if, at any time during the income year:

(a) for a trust that is not a unit trust, the trustee is an Australian resident or the central management and control of the trust is in Australia; or

(b) for a unit trust, one of the requirements in column 2 and one of the requirements in column 3 of this table are satisfied.

Requirements for unit trust


Item

One of these requirements is satisfied


And also one of these

1

Any property of the trust is situated in Australia

The central management and control of the trust is in Australia

2

The trust carries on a *business in Australia

Australian residents held more than 50% of the beneficial interests in the income or property of the trust

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