Income Tax Assessment Act 1997

This section applies if the requirements in subsection 12‑440(1) or (2) in Schedule 1 to the Taxation Administration Act 1953 are satisfied in relation to a *cross staple arrangement.

An entity that is an *operating entity in relation to the *cross staple arrangement can deduct, for an income year, an amount of *rent from land investment if:

another entity derives or receives the amount from the operating entity at a time that:

is in the income year; and

is on or after 27 March 2018; and

meets the requirements in subsection 12‑440(4) of Schedule 1 to the Taxation Administration Act 1953; and

the other entity is an *asset entity in relation to the cross staple arrangement; and

apart from this subsection, the operating entity could otherwise deduct the amount under this Act; and

the amount is *excepted MIT CSA income of the asset entity for the income year.

If the *asset entity is not a *managed investment trust in relation to the income year, for the purposes of paragraph (2)(d), treat it as a managed investment trust in relation to the income year.