Treasury Laws Amendment (Mutual Reforms) Act 2019 (37 of 2019)

Schedule 2   Mutual capital instruments (MCIs)

Part 2   Consequential amendments of other Acts

Income Tax Assessment Act 1997

20   Paragraph 59-35(a)

Repeal the paragraph, substitute:

(a) the amount would be a mutual receipt, but for:

(i) the entity's constituent document preventing the entity from making any *distribution, whether in money, property or otherwise, to its members; or

(ii) the entity's constituent document providing for the entity to issue MCIs (within the meaning of the Corporations Act 2001) or to pay *dividends in respect of MCIs; or

(iii) the entity having issued one or more MCIs (within the meaning of the Corporations Act 2001) or having paid dividends in respect of one or more MCIs; and