Income Tax Assessment Act 1936
View history note
Hide history noteSubject to this section, for the purposes of this Division, a unit trust is a public unit trust at all times during a year of income if either of the following conditions are satisfied:
(a) at any time during the year of income:
(i) any of the units in the unit trust were listed for quotation in the official list of a stock exchange in Australia or elsewhere; or
(ii) any of the units in the unit trust were offered to the public;
(b) at all times during the year of income, the units in the unit trust were held by not fewer than 50 persons.
102AAF(2)
In determining whether a unit trust is a public unit trust at all times during a year of income for the purposes of this Division, subsections 102P(3) to (9) (inclusive) and (11) apply as if:
(a) a reference in those subsections to Division 6C were a reference to this Division; and
(b) a reference in those subsections to subsection 102P(1) were a reference to subsection (1) of this section; and
(c) a reference in those subsections to a public unit trust in relation to a year of income were a reference to a public unit trust at all times during a year of income.
102AAF(3)
In determining whether a unit trust (in this subsection called the first unit trust ) is a public unit trust at all times during a year of income for the purposes of this Division, the following provisions have effect:
(a) the following entities are taken to be one person:
(i) an entity, whether or not it holds units in the first unit trust; and
(ii) the entity or entities who are the associate or associates of the entity;
(b) where any units in the first unit trust are held by the trustee of another trust that, apart from this paragraph, is a public unit trust at all times during the year of income - a person who has a beneficial interest in property of that other trust that consists of those units is taken to hold those units;
(c) where any units in the first unit trust are held by the trustee of another trust that:
(i) apart from paragraph (b); or
is a public unit trust at all times during the year of income - a person who has a beneficial interest in the property of that other trust that consists of those units (whether or not that beneficial interest is taken to be held by virtue of the application of this paragraph) is taken to hold those units.
(ii) by virtue of the application of paragraph (b);
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
