Tax Laws Amendment (2010 Measures No. 3) Act 2010 (90 of 2010)

Schedule 5   Managed investment trusts

Income Tax Assessment Act 1997

2   Paragraphs 275-15(1)(a) and (b)

Repeal the paragraphs, substitute:

(a) the condition in paragraph 12-400(1)(a) in Schedule 1 to the Taxation Administration Act 1953 is satisfied; and

(b) either:

(i) the only *member of the trust is an entity covered by subsection 12-402(3) of that Schedule (other than an entity mentioned in paragraph (e) of that subsection); or

(ii) the only member of the trust is an entity treated in the same way as a managed investment trust in relation to the income year because of this Subdivision; and

(c) the trust satisfies the licensing requirements in section 12-403 of that Schedule in relation to the income year.