Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 275.45

  (1)   A trust is covered under this section in relation to an income year if:

  (a)   the condition in paragraph   275 - 10(3)(a) is satisfied; and

  (b)   the condition in paragraph   275 - 10(3)(b) is satisfied; and

  (c)   either:

  (i)   the only * members of the trust are entities that are covered by subsection   275 - 20(4) (other than entities mentioned in paragraph   275 - 20(4)(f)); or

  (ii)   the only members of the trust are entities that are * managed investment trusts in relation to the income year because of subsection   275 - 10(2); and

  (d)   the trust satisfies the licensing requirements in section   275 - 35 in relation to the income year.

  (2)   A requirement in paragraph   (1)(a) is satisfied if, and only if, it is satisfied:

  (a)   at the time the trustee of the trust makes the first * fund payment in relation to the income year; or

  (b)   if the trustee does not make such a payment in relation to the income year--at both the start and the end of the income year.