Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A trust is covered under this section in relation to an income year if:
(a) the condition in paragraph 275 - 10(3)(a) is satisfied; and
(b) the condition in paragraph 275 - 10(3)(b) is satisfied; and
(i) the only * members of the trust are entities that are covered by subsection 275 - 20(4) (other than entities mentioned in paragraph 275 - 20(4)(f)); or
(ii) the only members of the trust are entities that are * managed investment trusts in relation to the income year because of subsection 275 - 10(2); and
(d) the trust satisfies the licensing requirements in section 275 - 35 in relation to the income year.
(2) A requirement in paragraph (1)(a) is satisfied if, and only if, it is satisfied:
(a) at the time the trustee of the trust makes the first * fund payment in relation to the income year; or
(b) if the trustee does not make such a payment in relation to
the income year--at both the start and the end of the income year.