Income Tax Assessment Act 1997

Part 3-25 inserted by No 56 of 2010, s 3 and Sch 3 item 4, effective 3 June 2010.

Div 275 heading substituted by No 53 of 2016, s 3 and Sch 4 item 1, effective 5 May 2016. For application provision, see note under Div 276 heading. The heading formerly read:

Division 275 - Australian managed investment trusts

Div 275 inserted by No 56 of 2010, s 3 and Sch 3 item 4, effective 3 June 2010. No 56 of 2010, s 3 and Sch 3 item 10 contains the following application provision:

Application provision  
(1)
The amendments made by this Schedule apply in relation to CGT events that happen on or after the start of the 2008-09 income year.

(2)
Despite subitem (1), subsections 275-100(5) and (6) of the Income Tax Assessment Act 1997 as inserted by this Schedule (and any other provision inserted by this Schedule, to the extent that it relates to those subsections) apply in relation to acquisitions of assets that happen on or after the start of the 2008 - 09 income year.

(3)
Despite subitem (1), section 275-120 of the Income Tax Assessment Act 1997 as inserted by this Schedule (and any other provision inserted by this Schedule, to the extent that it relates to that section) applies in relation to:

(a) disposals of assets; and

(b) cessations of ownership of assets; and

(c) other realisations of assets;

that happen on or after the commencement of this item.

(4)
Despite subitem (1), Subdivision 275-C of the Income Tax Assessment Act 1997 as inserted by this Schedule (and any other provision inserted by this Schedule, to the extent that it relates to that Subdivision) applies in relation to:

(a) entitlements to distributions that arise on or after the commencement of this item; and

(b) CGT events that happen on or after the commencement of this item.

(5)
Despite subitem (1), section 45-286 in Schedule 1 to the Taxation Administration Act 1953 as inserted by this Schedule (and any other provision inserted by this Schedule, to the extent that it relates to that section) applies in relation to distributions or applications of benefits that are made on or after the commencement of this item.

Subdiv 275-B inserted by No 56 of 2010, s 3 and Sch 3 item 4, effective 3 June 2010. For application provision, see note under Div 275 heading.

S 275-110(1) substituted by No 53 of 2016, s 3 and Sch 5 item 49, applicable to assessments for income years starting on or after 1 July 2016. For transitional provision, see note under s 295-173 . S 275-110(1) formerly read:

275-110(1)
An entity that is a trust meets the requirement in this section at a time if the entity is not any of the following at that time:

(a) a corporate unit trust (within the meaning of section 102J of the Income Tax Assessment Act 1936 ) in relation to the year of income in which the time occurs;

(b) a trading trust for the purposes of Division 6C of Part III of that Act in relation to that income year.

S 275-110(2) amended by No 53 of 2016, s 3 and Sch 5 item 50, by substituting " subsection (1) " for " paragraph (1)(b) " , applicable to assessments for income years starting on or after 1 July 2016. For transitional provision, see note under s 295-173 .

S 275-110 inserted by No 56 of 2010, s 3 and Sch 3 item 4, effective 3 June 2010. For application provision, see note under Div 275 heading.