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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Operative provisions

SECTION 195-115   A CCIV sub-fund trust is a unit trust  

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195-115(1)    
A *CCIV sub-fund trust is taken to be a unit trust.

Note:

One consequence of this subsection is that a CCIV sub-fund trust can be a public unit trust if it meets the other tests in section 102P of the Income Tax Assessment Act 1936 .

195-115(2)    
The *shares that are *referable to the *sub-fund are taken to be the units in the trust.

195-115(3)    
The rights, obligations and other characteristics attaching to a unit in the trust are taken to be the same, as nearly as practicable, as the rights, obligations and other characteristics attaching to the share that is taken to be that unit.

Note:

One consequence of this section is that if shares that are referable to the sub-fund are listed for quotation in the official list of a stock exchange, the units in the sub-fund trust that those shares are taken to be will likewise be taken to be listed in that official list.

Examples of provisions to which this is relevant are:

  • (a) paragraph 275-20(2)(a) (widely-held requirement for managed investment trusts) of this Act; and
  • (b) paragraph 102P(1)(a) of the Income Tax Assessment Act 1936 (public unit trusts).


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