Income Tax (Transitional Provisions) Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-E - Entities  

SECTION 960-105   Entities, and members of entities, benefiting from the application of this Subdivision  

960-105(1)    
This Subdivision applies to an entity if, and only if:

(a) the entity is a managed investment scheme for the purposes of the Corporations Law; and

(b) the scheme has been or is registered by the Australian Securities and Investments Commission under section 601EB of the Corporations Law; and

(c) the entity was a managed investment scheme as mentioned in paragraph (a) at all times from the commencement of 1 July 1998 until the registration of the scheme as mentioned in paragraph (b); and

(d) the entity was the same kind of entity immediately before, and immediately after, the scheme was so registered; and

(e) changes to the scheme that were necessary to be made to enable the scheme to be registered as mentioned in paragraph (b) were made during the period beginning on 1 July 1998 and ending on 30 June 2000 (the transition period ); and

(f) the membership of the scheme did not alter as a result of the changes; and

(g) where any other changes were or are made to the scheme during the transition period:

(i) the other changes were or are made only for the purpose of improving the administration or operation of the scheme; and

(ii) there were no increases in the values of the interests of any members of the scheme as a result of the other changes or, if there were any such increases, they applied proportionately to the values of the interests of all the members of the scheme; and

(iii) no reductions in the values of the interests of any members of the scheme occurred as a result of the other changes; and

(iv) the membership of the scheme did not alter as a result of the other changes.

960-105(2)    

If this Subdivision applies to an entity under subsection (1) because of a particular change referred to in that subsection, it also applies because of the change to a member of the entity, in relation to the member's interests in the entity, if the member was a member immediately before, and immediately after, the change was made.