Income Tax (Transitional Provisions) Act 1997

This Subdivision applies to an entity if, and only if:

the entity is a managed investment scheme for the purposes of the Corporations Law; and

the scheme has been or is registered by the Australian Securities and Investments Commission under section 601EB of the Corporations Law; and

the entity was a managed investment scheme as mentioned in paragraph (a) at all times from the commencement of 1 July 1998 until the registration of the scheme as mentioned in paragraph (b); and

the entity was the same kind of entity immediately before, and immediately after, the scheme was so registered; and

changes to the scheme that were necessary to be made to enable the scheme to be registered as mentioned in paragraph (b) were made during the period beginning on 1 July 1998 and ending on 30 June 2000 (the transition period); and

the membership of the scheme did not alter as a result of the changes; and

where any other changes were or are made to the scheme during the transition period:

the other changes were or are made only for the purpose of improving the administration or operation of the scheme; and

there were no increases in the values of the interests of any members of the scheme as a result of the other changes or, if there were any such increases, they applied proportionately to the values of the interests of all the members of the scheme; and

no reductions in the values of the interests of any members of the scheme occurred as a result of the other changes; and

the membership of the scheme did not alter as a result of the other changes.

If this Subdivision applies to an entity under subsection (1) because of a particular change referred to in that subsection, it also applies because of the change to a member of the entity, in relation to the member’s interests in the entity, if the member was a member immediately before, and immediately after, the change was made.