Income Tax Assessment Act 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

Division 272 - Interpretation  

Subdivision 272-J - Kind of trust can be affected by ownership by higher level trust  

SECTION 272-127   KIND OF TRUST CAN BE AFFECTED BY OWNERSHIP BY HIGHER LEVEL TRUST  

272-127(1)    
If:

(a) apart from this Subdivision, a trust is an unlisted widely held trust, an unlisted very widely held trust or a wholesale widely held trust; and

(b) each of one or more trusts of a higher level (see subsection (3)) has, directly or indirectly, fixed entitlements to all of the income and capital of the trust;

the trust is instead a trust of the same kind (see subsection (2)) as the trust of the highest level.

272-127(2)    
For the purposes of this Subdivision, trusts are of the following kinds:

(a) unlisted widely held trust;

(b) unlisted very widely held trust;

(c) wholesale widely held trust;

(d) listed widely held trust.

272-127(3)    
The kinds of trust are allocated levels in the following order (from lowest to highest): unlisted widely held trust, unlisted very widely held trust, wholesale widely held trust and listed widely held trust.