Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if the requirements in subsection 12 - 440(1) or (2) in Schedule 1 to the Taxation Administration Act 1953 are satisfied in relation to a * cross staple arrangement.
(2) An entity that is an * operating entity in relation to the * cross staple arrangement can deduct, for an income year, an amount of * rent from land investment if:
(a) another entity derives or receives the amount from the operating entity at a time that:
(i) is in the income year; and
(ii) is on or after 27 March 2018; and
(iii) meets the requirements in subsection 12 - 440(4) of Schedule 1 to the Taxation Administration Act 1953 ; and
(b) the other entity is an * asset entity in relation to the cross staple arrangement; and
(c) apart from this subsection, the operating entity could otherwise deduct the amount under this Act; and
(d) the amount is * excepted MIT CSA income of the asset entity for the income year.
(3) If the * asset entity is not a * managed investment trust in
relation to the income year, for the purposes of paragraph (2)(d),
treat it as a managed investment trust in relation to the income year.