A New Tax System (Goods and Services Tax) Amendment Regulation 2012 (No. 1) (87 of 2012)

Schedule 1   Amendments

[8]   After subregulation 70-5.02 (3), including the examples

insert

(4)For this regulation:

debt interest has the same meaning as in the Income Tax Assessment Act 1997.

long-term lease - see the Dictionary in Part 6-3 of the Act.

managed investment scheme has the same meaning as in the Corporations Act 2001.

mortgage loan means a loan secured by a mortgage over real property.

mortgage scheme means a managed investment scheme that has at least 50% of its non-cash assets invested in mortgage loans or in one or more other mortgage schemes.

real property - see the Dictionary in Part 6-3 of the Act.

recognised trust scheme means a trust that has the following features:

(a)the entity that acts in the capacity as trustee or responsibility entity of the trust, is carrying on, in its own capacity, an enterprise that includes making taxable supplies to the trust;

(b)the trust is:

(i)a managed investment scheme, or part of a managed investment scheme, other than a securitisation entity or a mortgage scheme; or

(ii)an approved deposit fund within the meaning of the Superannuation Industry (Supervision) Act 1993; or

(iii)a pooled superannuation trust within the meaning of the Superannuation Industry (Supervision) Act 1993; or

(iv)a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993; or

(v)a regulated superannuation fund (other than a self managed superannuation fund) within the meaning of the Superannuation Industry (Supervision) Act 1993.

securitisation entity means a trust that has the following features:

(a)the trust was established for the purpose of managing some or all of the economic risk associated with assets, liabilities or investments (whether the trust assumes the risk from another person or creates the risk itself);

(b)the total value of the debt interests in the trust is at least 50% of the total value of the trust's assets;

(c)the trust is an insolvency-remote special purpose entity according to criteria of an internationally recognised rating agency that are applicable to the circumstances of the trust (regardless of whether the agency has determined that the trust satisfies the criteria).

stratum unit - see the Dictionary in Part 6-3 of the Act.