Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (53 of 2016)
Schedule 6 Consequential amendments
Taxation Administration Act 1953
47 Subsection 12-390(9) in Schedule 1
Repeal the subsection, substitute:
Meaning of custodian
(9) An entity is a custodian if:
(a) the entity is *carrying on a *business that consists predominantly of providing a custodial or depository service (as defined by section 766E of the Corporations Act 2001) pursuant to an *Australian financial services licence; or
(b) the entity is acting on behalf of an entity that is carrying on such a business pursuant to such a licence.
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