Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 195.130

  (1)   This section sets out how to apply Division   275 to a trust that is a * CCIV sub - fund trust.

Determining whether the trust is a managed investment trust

  (2)   Section   275 - 10 has effect in relation to the trust as if the following paragraph were substituted for paragraph   275 - 10(3)(c):

  (c)   at the time the payment is made, the * sub - fund is being used for collective investment by pooling the contributions of the * members of the sub - fund as consideration to acquire rights to benefits produced from those contributions; and

  (3)   In applying section   275 - 10 to the trust, disregard the following provisions:

  (a)   paragraph   275 - 10(3)(d);

  (b)   paragraph   275 - 10(3)(g).

  (4)   Section   275 - 10 has effect in relation to the trust as if the following paragraph were substituted for paragraph   275 - 10(3)(e):

  (e)   the trust satisfies, in relation to the income year:

  (i)   if, at the time the payment is made, the trust is covered by section   275 - 15--either or both of the widely - held requirements in subsection   275 - 20(1) and 275 - 25(1); or

  (ii)   if, at the time the payment is made, the trust is not covered by section   275 - 15--either or both of the widely - held requirements in subsections   275 - 20(2) and 275 - 25(1); and

Determining whether the trust is a trust with wholesale membership

  (5)   In applying section   275 - 15 to the trust, disregard paragraph   275 - 15(a).

Determining whether the trust satisfies the widely - held requirements

  (6)   In applying section   275 - 45 to the trust, disregard paragraph   275 - 45(1)(d).