INCOME TAX ASSESSMENT ACT 1997 - SECT 195.100 What this Subdivision is about

The business, assets and liabilities of each sub - fund of a CCIV are taken to constitute the trust estate of a separate trust (a CCIV sub - fund trust), of which the CCIV is the trustee and the members of the sub - fund are the beneficiaries.

This Subdivision sets out further rules to facilitate the CCIV, and the sub - fund and its members, being taxed on this basis, including:

• modifications of the rules for determining whether the CCIV sub - fund trust is a managed investment trust (under Division 275) and an attribution managed investment trust (under Division 276); and

Note: These modifications also affect whether the trust is a withholding MIT under Subdivision 12 - H in Schedule 1 to the Taxation Administration Act 1953 .

• rules to support the application of Division 6 or 6C of Part III of the Income Tax Assessment Act 1936 , to the extent that Division applies to the trust; and

• rules to support the application to the trust of relevant rules about trust losses and capital gains.

195 - 120 Beneficiary of a CCIV sub - fund trust has fixed entitlements to shares of income and capital of the trust

195 - 123 How to work out the income of the trust estate of a CCIV sub - fund trust for an income year

195 - 125 When a beneficiary of a CCIV sub - fund trust is presently entitled to trust income

195 - 127 When a beneficiary of a CCIV sub - fund trust has an individual interest in exempt income and non - assessable non - exempt income of the trust estate

195 - 130 Application of Division 275 (managed investment trusts) to a CCIV sub - fund trust

Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 195.100