Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 275.115

MIT CGT choices

  (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.


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