Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (53 of 2016)
Schedule 5 20% tracing rule and repeal of Division 6B
Part 1 20% tracing rule
Income Tax Assessment Act 1936
1 Section 102MD
Repeal the section, substitute:
102MD Exempt institution that is eligible for a refund not treated as exempt entity
For the purposes of this Division, treat an entity as not being an exempt entity if:
(a) the entity is an exempt institution that is eligible for a refund (within the meaning of the Income Tax Assessment Act 1997); or
(b) the entity is treated as such an exempt institution that is eligible for a refund.
Example: The Future Fund Board is treated as an exempt institution that is eligible for a refund for the purposes of the Income Tax Assessment Act 1997 (see section 84B of the Future Fund Act 2006).
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