12‑443 Concessional cross staple rent ca12‑443 Concessional cross staple rent cap—existing lease with specified rent or rent method

#### 12‑443 Concessional cross staple rent cap—existing lease with specified rent or rent method (1) This section applies if: (a) the amount mentioned in subsection 12‑441(1) is \*excepted MIT CSA income because of subsection 12‑440(3); and (b) the cross staple lease was entered into before 27 March 2018; and (c) the cross staple lease, or associated documents, specified any of the following before 27 March 2018: (i) the amount of annual rent under the lease for the first year of the lease that ends after 27 March 2018; (ii) an objective method for determining the amount of annual rent under the lease; and (d) if subparagraph (c)(ii) applies—the method is set out in the cross staple lease, or the associated documents, before 27 March 2018. (2) If subparagraph (1)(c)(ii) applies, the concessional cross staple rent cap for an income year of the \*managed investment trust is the amount of annual rent determined for the income year under the method mentioned in that subparagraph. (3) If subparagraph (1)(c)(ii) does not apply, the concessional cross staple rent cap for an income year of the \*managed investment trust is: (a) for an income year where the lease, or the associated documents, specify the amount of annual rent for the corresponding year of the lease under subsection (4)—that amount; or (b) for an income year where that amount is not so specified—the amount worked out under paragraph (a) in relation to the most recent year of the lease for which an amount is so specified, indexed annually in accordance with Subdivision 960‑M of the Income Tax Assessment Act 1997. (4) An income year and a year of the lease correspond to each other under this subsection if both of those years end: (a) after a particular 27 March; and (b) on or before the next 27 March.