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Legal database

Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 195 - Special types of company  

Subdivision 195-C - Corporate collective investment vehicles  

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Guide to Subdivision 195-C

SECTION 195-100   What this Subdivision is about  

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The business, assets and liabilities of each sub-fund of a CCIV are taken to constitute the trust estate of a separate trust (a CCIV sub-fund trust), of which the CCIV is the trustee and the members of the sub-fund are the beneficiaries.

This Subdivision sets out further rules to facilitate the CCIV, and the sub-fund and its members, being taxed on this basis, including:

  • • modifications of the rules for determining whether the CCIV sub-fund trust is a managed investment trust (under Division 275 ) and an attribution managed investment trust (under Division 276 ); and
    Note:

    These modifications also affect whether the trust is a withholding MIT under Subdivision 12-H in Schedule 1 to the Taxation Administration Act 1953 .
  • • rules to support the application of Division 6 or 6C of Part III of the Income Tax Assessment Act 1936 , to the extent that Division applies to the trust; and
  • • rules to support the application to the trust of relevant rules about trust losses and capital gains.

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    TABLE OF SECTIONS
    TABLE OF SECTIONS
    Operative provisions
    195-105 Effect of this Subdivision
    195-110 Each sub-fund of a CCIV is taken to be a separate trust
    195-115 A CCIV sub-fund trust is a unit trust
    195-120 Beneficiary of a CCIV sub-fund trust has fixed entitlements to shares of income and capital of the trust
    195-123 How to work out the income of the trust estate of a CCIV sub-fund trust for an income year
    195-125 When a beneficiary of a CCIV sub-fund trust is presently entitled to trust income
    195-127 When a beneficiary of a CCIV sub-fund trust has an individual interest in exempt income and non-assessable non-exempt income of the trust estate
    195-130 Application of Division 275 (managed investment trusts) to a CCIV sub-fund trust
    195-135 Application of Division 276 (AMITs) to a CCIV sub-fund trust
    195-140 Entry on Australian Business Register


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