Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (53 of 2016)
Schedule 7 Widely-held requirements
Taxation Administration Act 1953
2 Paragraph 12-402(3)(i) in Schedule 1
Repeal the paragraph, substitute:
(j) a *limited partnership, if, throughout the income year:
(i) at least 95% of the *membership interests in the limited partnership are owned by entities mentioned in the preceding paragraphs of this subsection, or by entities that are wholly-owned by entities so mentioned; and
(ii) the remaining membership interests (if any) in the limited partnership are owned by a *general partner of the limited partnership that habitually exercises the management power of the limited partnership;
(k) an entity, all the membership interests in which are owned by any of the following:
(i) entities mentioned in the preceding paragraphs of this subsection;
(ii) entities that are wholly-owned by entities mentioned in the preceding paragraphs of this subsection;
(iii) entities that are covered under this subsection because of a previous operation of this paragraph;
(l) an entity of a kind similar to an entity mentioned in the preceding paragraphs of this subsection as specified in the regulations.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).