Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 (8 of 2022)
Schedule 5 Corporate collective investment vehicles: tax framework
Part 2 Consequential amendments
Income Tax Assessment Act 1997
11 Subsection 995-1(1) (definition of fixed entitlement)
Repeal the definition, substitute:
fixed entitlement :
(a) an entity has a fixed entitlement to a share of the income or capital of a company, partnership or trust if the entity has a fixed entitlement to that share within the meaning of Division 272 in Schedule 2F to the Income Tax Assessment Act 1936; and
(b) despite paragraph (a) of this definition, a *beneficiary of a *CCIV sub-fund trust is taken to have a fixed entitlement to a share of the income or capital of the trust as provided by section 195-120 of this Act.
Note: Section 165-245 of this Act affects when an entity is taken to have held or had, directly or indirectly, a fixed entitlement to a share of income or capital of a company.