Commonwealth Numbered Acts

TAX LAWS AMENDMENT (NEW TAX SYSTEM FOR MANAGED INVESTMENT TRUSTS) ACT 2016 (NO. 53, 2016) - SCHEDULE 7

Taxation Administration Act 1953

1  After paragraph 12-402(3)(a) in Schedule 1

Insert:

                    (aa)  a * foreign life insurance company that is regulated under a * foreign law;

2  Paragraph 12-402(3)(i) in Schedule 1

Repeal the paragraph, substitute:

                      (j)  a * limited partnership, if, throughout the income year:

                              (i)  at least 95% of the * membership interests in the limited partnership are owned by entities mentioned in the preceding paragraphs of this subsection, or by entities that are wholly-owned by entities so mentioned; and

                             (ii)  the remaining membership interests (if any) in the limited partnership are owned by a * general partner of the limited partnership that habitually exercises the management power of the limited partnership;

                     (k)  an entity, all the membership interests in which are owned by any of the following:

                              (i)  entities mentioned in the preceding paragraphs of this subsection;

                             (ii)  entities that are wholly-owned by entities mentioned in the preceding paragraphs of this subsection;

                            (iii)  entities that are covered under this subsection because of a previous operation of this paragraph;

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