Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 3   Managed investment trusts

Income Tax Assessment Act 1997

6   At the end of section 840-805

Add:

Exception - distributions on carried interests

(7) Subsections (2) and (3) do not apply to you to the extent that the fund payment part:

(a) is included in your assessable income under subsection 275-200(2) (Gains etc. from carried interests) for the income year because you hold or held a *CGT asset that carries an entitlement to a distribution mentioned in subsection 275-200(2); or

(b) would be so included if subsection 275-200(3) were disregarded.

(8) Subsection (4) does not apply to you to the extent that the fund payment part:

(a) is attributable to an amount included in the net income of the trust mentioned in that subsection because of subsection 275-200(2) (Gains etc. from carried interests) for the income year because the trust holds or held a *CGT asset that carries an entitlement to a distribution mentioned in subsection 275-200(2); or

(b) would be so included if subsection 275-200(3) were disregarded.