12‑425 Meaning of clean building managed12‑425 Meaning of clean building managed investment trust

12‑425 Meaning of clean building managed investment trust

(1) A trust is a clean building managed investment trust in relation to an income year if during the income year: (a) it is a *withholding MIT in relation to the income year; and (b) it holds one or more *clean buildings (including the land on which the buildings are situated); and (c) it does not derive assessable income from any *taxable Australian property (other than from the clean buildings or assets that are reasonably incidental to those buildings). 5% safe harbour for certain income reasonably incidental to a clean building (2) A trust is not a *clean building managed investment trust in relation to an income year if the assessable income of the trust that is derived from assets that are reasonably incidental to *clean buildings is greater than 5% of the assessable income of the trust that is derived from clean buildings. (3) The regulations may specify kinds of assets that are, or are not, reasonably incidental to *clean buildings for the purposes of this section.