Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 (8 of 2022)

Schedule 5   Corporate collective investment vehicles: tax framework

Part 2   Consequential amendments

Income Tax Assessment Act 1997

11   Subsection 995-1(1) (definition of fixed entitlement)

Repeal the definition, substitute:

fixed entitlement :

(a) an entity has a fixed entitlement to a share of the income or capital of a company, partnership or trust if the entity has a fixed entitlement to that share within the meaning of Division 272 in Schedule 2F to the Income Tax Assessment Act 1936; and

(b) despite paragraph (a) of this definition, a *beneficiary of a *CCIV sub-fund trust is taken to have a fixed entitlement to a share of the income or capital of the trust as provided by section 195-120 of this Act.

Note: Section 165-245 of this Act affects when an entity is taken to have held or had, directly or indirectly, a fixed entitlement to a share of income or capital of a company.