Tax Laws Amendment (2010 Measures No. 3) Act 2010 (90 of 2010)

Schedule 5   Managed investment trusts

Taxation Administration Act 1953

7   Transitional - trusts that were managed investment trusts etc. for income year starting before 26 May 2010

(1) This item applies if:

(a) apart from this item, a trust is not a managed investment trust in relation to an income year; and

(b) the income year is the 2010-11, 2011-12, 2012-13, 2013-14, 2014-15, 2015-16 or 2016-17 income year.

(2) The trust is a managed investment trust in relation to the income year if:

(a) the trust is a managed investment trust (within the meaning of section 12-400 in Schedule 1 to the Taxation Administration Act 1953 immediately before the commencement of this Schedule) in relation to the income year; and

(b) in relation to an income year starting before 26 May 2010, the trust:

(i) was a managed investment trust (within that meaning); or

(ii) would have been a managed investment trust (within that meaning) if the trustee of the trust had made the first fund payment in relation to the income year in that income year and before 26 May 2010.