Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The trustee of an entity that is a * managed investment trust may make a choice under this section that covers the managed investment trust.
(2) The choice must be made in the * approved form.
(3) The choice can be made only:
(a) if the entity became a * managed investment trust in the 2009 - 10 income year or a later income year (whether or not the entity existed before it became a managed investment trust)--on or before the latest of the following days:
(i) the day it is required to lodge its * income tax return for the income year in which it became a managed investment trust;
(ii) if the Commissioner allows a later day for the managed investment trust--that later day; or
(b) otherwise--on or before the latest of the following days:
(i) the last day in the 3 month period starting on the day on which this section commences;
(ii) the last day of the 2009 - 10 income year;
(iii) if the Commissioner allows a later day for the managed investment trust--that later day.
(4) The choice, once made, cannot be revoked.
(5) The choice is in force:
(a) in the circumstances mentioned in paragraph (3)(a)--for the income year in which the entity became a * managed investment trust (whether or not the entity existed before it became a managed investment trust) and later income years; or
(b) in the circumstances mentioned in paragraph (3)(b)--for the 2008 - 09 income year and later income years.