Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (53 of 2016)
Schedule 5 20% tracing rule and repeal of Division 6B
Part 3 Amendments consequential on the repeal of Division 6B
Income Tax Assessment Act 1997
52 Section 703-25 (table items 2 and 3)
Repeal the items, substitute:
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2 |
A unit trust (except a *public trading trust for the income year) |
The trust must be: (a) a resident trust estate for the income year for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936; and (b) a *resident trust for CGT purposes for the income year |
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3 |
A *public trading trust for the income year |
The trust must be a *resident unit trust for the income year |