Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-25 - PARTICULAR KINDS OF TRUSTS

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Division 275 - Australian managed investment trusts: general

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History

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:

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;
that happen on or after the commencement of this item.

(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.

Subdivision 275-B - Choice for capital treatment of managed investment trust gains and losses

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SECTION 275-120 Consequences of not making choice - revenue account treatment

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275-120(1)
This section applies if:

(a) the requirements in subsection 275-100(1) are met in relation to a *CGT asset held by a *managed investment trust, apart from the requirement in paragraph 275-100(1)(f) ; and

(b) the CGT asset is not:

(i) land (including an interest in land); or

(ii) a right or option to *acquire or *dispose of land (including an interest in land); and

(c) the managed investment trust disposes of, ceases to own or otherwise realises the asset; and

(d) disregarding this section:

(i) the net proceeds (if any) from the disposal, cessation or realisation would not be reflected in an amount being included in the assessable income of the managed investment trust (other than under Part 3-1 or 3-3 ); and

(ii) the gain or profit (if any) on the disposal, cessation or realisation would not be reflected in an amount being included in the assessable income of the managed investment trust (other than under Part 3-1 or 3-3 ); and

(iii) the loss (if any) on the disposal, cessation or realisation would not be reflected in an amount being deductible by the managed investment trust.

275-120(2)
For the purpose of this Act, treat the disposal, cessation of ownership of or realisation of the asset in the same way as the disposal, cessation of ownership of or realisation of a *revenue asset.

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