for the 2009-10 income year or a later income year—an amount equal to the sum of the eligible personal superannuation contributions the person makes during the income year.

*risk-weighted assets; and

intangible assets comprising capitalised software expenses;

any of the entity’s *overseas permanent establishments; or

any *Australian controlled foreign entities of which the entity is an *Australian controller; or

any of the entity’s goodwill or intangible assets which relate to the excess mentioned in paragraph 5.3 of *accounting standard AASB 1038, as issued on 17 November 1998, to the extent that the excess is referrable to *VBIF; or

any of the entity’s intangible assets comprising capitalised software expenses.

for the Director-General of Security—the Australian Security Intelligence Organisation; or

for the Director-General of ASIS—ASIS.

a transaction it specifies has already been entered into or carried out; or

an entity it specifies has died or ceased to exist;

the existence or amount of a liability of the entity relating to taxation under any *Commonwealth law, even if the law requires express words to be used to exempt an entity or transaction from liability to taxation under that law;

the existence or amount of any kind of benefit (however the benefit is expressed) relating to taxation under any Commonwealth law;

the existence or extent of any other obligation (or right) of the entity relating to a liability or benefit of a kind mentioned in paragraph (a) or (b).

an obligation to withhold money from a payment;

an obligation to lodge a return, or to provide information, to the Commissioner of Taxation;

an obligation to become registered under a taxation law.

there is income of the trust estate of the year of income; and

the principal beneficiary of the trust estate is presently entitled to all of the income of the trust estate of the year of income.

the minor is the principal beneficiary of a special disability trust;

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

either:

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

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

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

at the time the trustee of the trust makes the first *fund payment in relation to the income year, or at an earlier time in the income year:

the trustee of the trust was an Australian resident; or

the central management and control of the trust was in Australia; and

the trust is not a trust covered by subsection (2) (trading trust etc.) in relation to the income year; and

a substantial proportion of the investment management activities carried out in relation to the trust in respect of all of the following assets of the trust are carried out in Australia throughout the income year:

assets that are situated in Australia at any time in the income year;

assets that are *taxable Australian property at any time in the income year;

assets that are *shares, units or interests listed for quotation in the official list of an *approved stock exchange in Australia at any time in the income year; and

(d) at the time the payment is made, the trust is a managed investment scheme (Corporations Act 2001); andwithin the meaning of section 9 of the

at the time the payment is made:

the trust is covered by section 12-401 (trusts with wholesale membership); or

(ii) if the trust is not covered by section 12-401—the trust is registered under section 601EB of the Corporations Act 2001; and

the trust satisfies, in relation to the income year:

(i) if, at the time the payment is made, the trust is registered under Corporations Act 2001 and is covered by section 12-401—either or both of the widely-held requirements in subsections 12-402(1) and 12-402A(1); orsection 601EB of the

(ii) if, at the time the payment is made, the trust is so registered and is not covered by section 12-401—either or both of the widely-held requirements in subsections 12-402(1A) and 12-402A(1); or

(iii) if, at the time the payment is made, the trust is not so registered and is covered by section 12-401—the widely-held requirements in subsection 12-402(1); and

the trust satisfies the closely-held restrictions in subsection 12-402B(1) in relation to the income year; and

if the trust is covered by section 12-401 at the time the payment is made—it satisfies the licensing requirements in section 12-403 in relation to the income year.

(a) in the case of a unit trust—the trust is a trading trust for the purposes of Income Tax Assessment Act 1936 in relation to the income year; orDivision 6C in Part III of the

(b) in any other case—the trust at any time in the income year:

carried on a trading business (within the meaning of that Division); or

controlled, or was able to control, directly or indirectly, the affairs or operations of another person in respect of the carrying on by that other person of a trading business (within the meaning of that Division).

an entity that would, but for subsection 5A(4) of that Act (about the Crown not being bound by Chapter 6CA or 7 of that Act), be required under that Act to be a financial services licensee (within the meaning of section 761A of that Act) whose licence would cover operating such a managed investment scheme; or

an entity that:

is a *wholly-owned subsidiary of an entity of a kind mentioned in paragraph (a); and

would, but for any instrument issued by ASIC under that Act that has effect in relation to the entity and operation of the scheme mentioned in paragraph 12-400(1)(d), be required under that Act to be a financial services licensee (within the meaning of section 761A of that Act) whose licence would cover operating such a managed investment scheme.

the trust is created during the period:

starting 6 months before the start of the income year; and

ending at the end of the income year; or

the trust ceases to exist during the income year, and was a *managed investment trust (disregarding paragraph (a)) in relation to the previous income year.

(a) the trust is not required to be registered in accordance with Corporations Act 2001 (whether or not it is actually so registered) because of subsection 601ED(2) of that Act (no product disclosure statement required) or because it is operated or managed by an entity covered by subsection 12-403(2) (Crown entities); andsection 601ED of the

(b) the total number of entities that had become a *member of the trust because a financial product or a financial service was provided to, or acquired by, the entity as a retail client (within the meaning of sections 761G and 761GA of the Corporations Act 2001) is no more than 20; and

the entities mentioned in paragraph (b) have a total *MIT participation interest in the trust of no more than 10%.

units in the trust are listed for quotation in the official list of an *approved stock exchange in Australia; or

the trust has at least 50 *members (ignoring objects of a trust).

first, by applying the rules in subsection (4), identify:

the members of the trust that are not entities covered by subsection (3); and

the members of the trust that are entities covered by subsection (3);

next, work out the number of members mentioned in subparagraph (a)(i);

next:

work out the *MIT participation interest in the trust of each entity mentioned in subparagraph (a)(ii); and

for each of those entities, multiply the total of its MIT participation interest in the trust by 50 and round the result upwards to the nearest whole number; and

work out the total of the results of subparagraph (ii) for all of those entities;

next, work out the total of the results of paragraphs (b) and (c).

a *life insurance company;

a *complying superannuation fund, a *complying approved deposit fund or a *foreign superannuation fund, being a fund that has at least 50 *members;

a *pooled superannuation trust that has at least one member that is a complying superannuation fund that has at least 50 members;

a *managed investment trust in relation to the income year;

an entity that is recognised under a *foreign law as being used for collective investment by means of pooling the contributions of at least 50 members of the entity as consideration to acquire rights to benefits produced by the entity, if the members of the entity do not have day-to-day control over the operation of the entity;

an entity, the principal purpose of which is to fund pensions (including disability and similar benefits) for the citizens or other contributors of a foreign country, if:

the entity is a fund established by an *exempt foreign government agency; or

the entity is established under a foreign law for an exempt foreign government agency; or

the entity is a *wholly-owned subsidiary of an entity mentioned in subparagraph (i) or (ii);

an investment entity that satisfies all of these requirements:

the entity is wholly-owned by one or more *foreign government agencies, or is a wholly-owned subsidiary of one or more foreign government agencies;

the entity is established using only the public money or public property of the foreign government concerned;

all economic benefits obtained by the entity have passed, or are expected to pass, to the foreign government concerned;

an entity established and wholly-owned by an *Australian government agency, if the capital of the entity, and returns from the investment of that capital, are used for the primary purpose of meeting statutory government liabilities or obligations (such as superannuation liabilities and liabilities arising from compensation or workcover claims);

an entity of a kind similar to an entity mentioned in the preceding paragraphs of this subsection as specified in the regulations.

if an entity that is not a trust holds interests in the trust indirectly, through a *chain of trusts:

treat the entity as a member of the trust; and

do not treat a trust in the chain of trusts as a member of the trust;

do not treat an object of the trust as a member of the trust;

(ba) if the trust is mentioned in subparagraph 12-400(1)(e)(i) (trusts with wholesale membership)—do not treat an individual as a member of the trust (other than an individual who became a member of the trust because a financial product or a financial service was provided to, or acquired by, the individual as a wholesale client (Corporations Act 2001));within the meaning of section 761G of the

the rules in subsection (6).

treat the following entities as together being one entity:

an individual;

each of his or her relatives;

each entity acting in the capacity of nominee of an individual mentioned in subparagraph (i) or (ii);

(b) treat the following entities as together being one entity (the notional entity):

an entity that is not an individual;

each entity acting in the capacity of nominee of the entity mentioned in subparagraph (i).

one or more entities covered by subsection 12-402(3) have a total *MIT participation interest in the trust of more than 25% at the time the payment mentioned in paragraph 12-400(1)(a) is made; and

(b) at no time in the income year does an entity (other than an entity covered by subsection 12-402(3)) have a MIT participation interest in the trust of more than 60%.

if:

(i) an entity covered by subsection 12-402(3) has a *MIT participation interest (the first interest) in the trust; and

(ii) another entity covered by subsection 12-402(3) also has a MIT participation interest (the second interest) in the trust;

if an entity that is not a trust has a MIT participation interest in the trust because it holds interests in the trust indirectly, through a *chain of trusts—do not treat a trust in the chain of trusts as having a MIT participation interest in the trust.

for a trust mentioned in subparagraph 12-400(1)(e)(i) (trusts with wholesale membership)—10 or fewer persons have a total *MIT participation interest in the trust of 75% or more;

if paragraph (a) does not apply—20 or fewer persons have a total MIT participation interest in the trust of 75% or more;

a foreign resident individual has a MIT participation interest in the trust of 10% or more.

(a) if an entity covered by subsection 12-402(3) has a *MIT participation interest in the trust—treat that entity as not having a MIT participation interest in the trust; and

if an entity that is not a trust has a MIT participation interest in the trust because it holds interests in the trust indirectly, through a *chain of trusts:

if the entity is covered by subsection 12-402(3)—do not treat it as having a MIT participation interest in the trust; and

do not treat a trust in the chain of trusts as having a MIT participation interest in the trust.

the trust is operated or managed by:

(i) a financial services licensee (Corporations Act 2001) holding an Australian financial services licence whose licence covers it providing financial services (within the meaning of section 766A of that Act) to wholesale clients (within the meaning of section 761G of that Act); orwithin the meaning of section 761A of the

an authorised representative (within the meaning of section 761A of that Act) of such a financial services licensee; or

the trust is operated or managed by an entity covered by subsection (2); or

the trust is operated or managed by an entity that:

is a *wholly-owned subsidiary of an entity covered by subsection (2); and

is an entity covered by subsection (3).

holds, or has the right to *acquire, interests representing a percentage of the value of the interests in the trust; or

has the control of, or the ability to control, a percentage of the rights attaching to *membership interests in the trust; or

has the right to receive a percentage of any distribution of income that the trust may make.

apart from this item, a trust is not a managed investment trust in relation to an income year; and

the income year is the 2010-11, 2011-12, 2012-13, 2013-14, 2014-15, 2015-16 or 2016-17 income year.

apart from this item, a trust is not a managed investment trust in relation to an income year; and

the income year is the 2008-09 or 2009-10 income year.

(a) the trust is a managed investment trust (within the meaning of former Taxation Administration Act 1953 immediately before the commencement of this Schedule) in relation to the income year; andsection 12-400 in Schedule 1 to the

in relation to an income year starting before 26 May 2010, the trust:

was a managed investment trust (within that meaning); or

would have been a managed investment trust (within that meaning) if the trustee of the trust had made the first fund payment in relation to the income year in that income year and before 26 May 2010.

(a) treat the income year of an entity (the actual income year) ending immediately before that first income year as being the following 2 income years of the entity:

(i) an income year (the first notional income year) that starts at the start of the actual income year and ends immediately before that 1 July;

(ii) an income year (the second notional income year) that starts on that 1 July and ends at the end of the actual income year;

(b) do not apply the amendments made by this Schedule in determining whether the entity is a managed investment trust in relation to the first notional income year;

apply the amendments made by this Schedule in determining whether the entity is a managed investment trust in relation to the second notional income year;

(d) for the purposes of determining rates of taxation applicable for the purposes of that Subdivision, treat the first notional income year and the second notional income year as both being the income year following the first income year mentioned in subparagraph 4(1)(a)(i) of the Income Tax (Managed Investment Trust Withholding Tax) Act 2008.