Income Tax Assessment Act 1936
View history note
Hide history noteA closely held trust is:
(a) a trust where an individual has, or up to 20 individuals have between them, directly or indirectly, and for their own benefit, fixed entitlements to a 75% or greater share of the income, or a 75% or greater share of the capital, of the trust; or
(b) a discretionary trust;
except where the trust is an excluded trust.
102UC(2) Trustees of discretionary trusts treated as individuals.
For the purposes of paragraph (1)(a), if:
(a) a trustee of a discretionary trust holds a fixed entitlement to a share of the income or capital of the trust mentioned in that paragraph directly or indirectly; and
(b) no person holds that fixed entitlement directly or indirectly through the discretionary trust;
the trustee is taken to hold that fixed entitlement directly or indirectly as an individual and for the individual ' s own benefit.
102UC(3) Individuals treated as single individual.For the purposes of paragraph (1)(a), all of the following are taken to be a single individual:
(a) an individual, whether or not the individual holds fixed entitlements directly in the trust mentioned in that paragraph;
(b) the individual ' s relatives;
(c) in relation to any fixed entitlements in respect of which other individuals are nominees of the individual or of the individual ' s relatives - those other individuals. 102UC(4) Definitions.
In this section:
discretionary trust
means a trust that is not a fixed trust within the meaning of section
272-65
in Schedule
2F
.
(a) a trust to which paragraph (b), (c) or (d) of the definition of excepted trust in section 272-100 in Schedule 2F applies; or
(b) a unit trust whose units are listed on the stock market operated by ASX Limited.
(c) - (e) (Repealed by No 95 of 2019)
fixed entitlement
has the meaning given by sections
272-5
,
272-10
,
272-15
and
272-40
in Schedule
2F
.
indirectly
has the meaning given by section
272-20
in Schedule
2F
.
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