Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-10 - PAY AS YOU GO (PAYG) INSTALMENTS  

Division 45 - Instalment payments  

Subdivision 45-I - Trust income included in instalment income of beneficiary  

SECTION 45-288  

45-288   RESIDENT INVESTMENT TRUSTS FOR BENEFICIARIES WHO ARE ABSOLUTELY ENTITLED  

This section covers a trust if:

(a) the trust is a resident unit trust within the meaning of section 102Q of the Income Tax Assessment Act 1936 ; and

(b) the trust is of the kind covered by subsection 45-280(6) in this Schedule; and

(c) the requests or directions that beneficiaries may give the trustee are limited to requests or directions as to which of the activities listed in the definition of eligible investment business in section 102M of the Income Tax Assessment Act 1936 the trustee should engage in; and

(d) all of the trust ' s beneficiaries became beneficiaries as a result of a public offer to invest in the trust; and

(e) either:

(i) the trust has 50 or more beneficiaries; or

(ii) if the trustee of the trust is also the trustee of one or more other trusts that satisfy paragraphs (a), (b), (c) and (d) of this section - all those trusts together have a total of 50 or more beneficiaries.