Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 713 - Rules for particular kinds of entities  

Subdivision 713-C - Some unit trusts treated like head companies of consolidated groups  

Object of this Subdivision

SECTION 713-125   Object of this Subdivision  

713-125(1)    
The main object of this Subdivision is to provide, by the means described in subsections (2) and (3), for certain unit trusts to be treated like companies, and therefore like *head companies of *consolidated groups, with consequent effects on other entities including:

(a) the trustees; and

(b) *members of the trusts; and

(c) entities the trustees hold *membership interests in.

713-125(2)    

The first means is letting a *public trading trust, that could become the *head company of a *consolidated group if the trust were a company, choose to form such a group (with other entities as *subsidiary members).

713-125(3)    
The second means is changing the way in which the law relating to income tax applies on and after the time the choice takes effect, so that law (with some modifications) applies in relation to the trust or the trustee (as appropriate) in a way corresponding to the way in which that law applies in relation to a company.

Note:

The law relating to income tax includes legislation relating to associated imposts (such as those connected with the imputation system).