Income Tax Assessment Act 1997
Hide history note
View history notePart 3-25 inserted by No 56 of 2010, s 3 and Sch 3 item 4, effective 3 June 2010.
Div 275 heading substituted by No 53 of 2016, s 3 and Sch 4 item 1, effective 5 May 2016. For application provision, see note under Div 276 heading. The heading formerly read:
Division 275 - Australian managed investment trusts
Div 275 inserted by No 56 of 2010, s 3 and Sch 3 item 4, effective 3 June 2010. No 56 of 2010, s 3 and Sch 3 item 10 contains the following application provision:
that happen on or after the commencement of this item.
Application provision
(1)
The amendments made by this Schedule apply in relation to CGT events that happen on or after the start of the 2008-09 income year.
(2)
Despite subitem (1), subsections
275-100(5)
and
(6)
of the
Income Tax Assessment Act 1997
as inserted by this Schedule (and any other provision inserted by this Schedule, to the extent that it relates to those subsections) apply in relation to acquisitions of assets that happen on or after the start of the 2008
-
09 income year.
(3)
Despite subitem (1), section
275-120
of the
Income Tax Assessment Act 1997
as inserted by this Schedule (and any other provision inserted by this Schedule, to the extent that it relates to that section) applies in relation to:
(a)
disposals of assets; and
(b)
cessations of ownership of assets; and
(c)
other realisations of assets;
(4)
Despite subitem (1), Subdivision
275-C
of the
Income Tax Assessment Act 1997
as inserted by this Schedule (and any other provision inserted by this Schedule, to the extent that it relates to that Subdivision) applies in relation to:
(a)
entitlements to distributions that arise on or after the commencement of this item; and
(b)
CGT events that happen on or after the commencement of this item.
(5)
Despite subitem (1), section
45-286
in Schedule
1
to the
Taxation Administration Act 1953
as inserted by this Schedule (and any other provision inserted by this Schedule, to the extent that it relates to that section) applies in relation to distributions or applications of benefits that are made on or after the commencement of this item.
Subdiv 275-B inserted by No 56 of 2010, s 3 and Sch 3 item 4, effective 3 June 2010. For application provision, see note under Div 275 heading.
The trustee of an entity that is a * managed investment trust may make a choice under this section that covers the managed investment trust.
275-115(2)
The choice must be made in the * approved form.
275-115(3)
The choice can be made only:
(a) if the entity became a * managed investment trust in the 2009-10 income year or a later income year (whether or not the entity existed before it became a managed investment trust) - on or before the latest of the following days:
(i) the day it is required to lodge its * income tax return for the income year in which it became a managed investment trust;
(ii) if the Commissioner allows a later day for the managed investment trust - that later day; or
(b) otherwise - on or before the latest of the following days:
(i) the last day in the 3 month period starting on the day on which this section commences;
(ii) the last day of the 2009-10 income year;
(iii) if the Commissioner allows a later day for the managed investment trust - that later day.
275-115(4)
The choice, once made, cannot be revoked.
275-115(5)
The choice is in force:
(a) in the circumstances mentioned in paragraph (3)(a) - for the income year in which the entity became a * managed investment trust (whether or not the entity existed before it became a managed investment trust) and later income years; or
(b) in the circumstances mentioned in paragraph (3)(b) - for the 2008-09 income year and later income years.
S 275-115 inserted by No 56 of 2010, s 3 and Sch 3 item 4, effective 3 June 2010. For application provision, see note under Div 275 heading.
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.
