Superannuation Legislation Amendment Act (No. 4) 1999 (199 of 1999)

Schedule 1  

29   After subsection 71(1)

Insert:

Widely held trust

(1A) For the purposes of paragraph (1)(h), a trust is a widely held unit trust if:

(a) it is a unit trust in which entities have fixed entitlements to all of the income and capital of the trust; and

(b) it is not a trust in which fewer than 20 entities between them have:

(i) fixed entitlements to 75% or more of the income of the trust; or

(ii) fixed entitlements to 75% or more of the capital of the trust.

For this purpose, an entity and the Part 8 associates of the entity are taken to be a single entity.