Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 275.55

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

  (a)   apart from a particular circumstance, the trust would be a * managed investment trust in relation to the income year; and

  (b)   the circumstance is temporary; and

  (c)   the circumstance arose outside the control of the trustee of the trust; and

  (d)   it is fair and reasonable to treat the trust as a managed investment trust in relation to the income year, having regard to the following matters:

  (i)   the matters in paragraphs   (a) and (b);

  (ii)   the nature of the circumstance;

  (iii)   the actions (if any) taken by the trustee of the trust to address or remove the circumstance, and the speed with which such actions are taken;

  (iv)   the extent to which treating the trust as a managed investment trust in relation to the income year would increase or reduce the amount of tax otherwise payable by the trustee, the * members of the trust or any other entity;

  (v)   any other relevant matter.

Table of sections

275 - 100   Consequences of making choice--CGT to be primary code for calculating MIT gains or losses

275 - 105   Covered assets

275 - 110   MIT not to be trading trust

275 - 115   MIT CGT choices

275 - 120   Consequences of not making choice--revenue account treatment