12‑447 Transitional—MIT trading trust in12‑447 Transitional—MIT trading trust income

#### 12‑447 Transitional—MIT trading trust income (1) This section applies if: (a) an amount (the relevant amount) included in the assessable income for an income year of a \*managed investment trust is \*MIT trading trust income of the managed investment trust (disregarding this section); and (b) immediately before 27 March 2018, the managed investment trust held a \*total participation interest (the pre‑announcement TPI) of greater than nil in the second entity mentioned in subsection 12‑446(1) (the second entity); and (c) the relevant amount was derived, received or made by the managed investment trust before 1 July 2026. (2) Treat part of the relevant amount as not being \*MIT trading trust income of the \*managed investment trust. (3) That part is equal to the relevant amount multiplied by the fraction worked out under subsections (4) and (5). (4) If the \*total participation interest (the post‑announcement TPI) held by the \*managed investment trust in the second entity at the end of the most recent income year ending before it derived, received or made the relevant amount exceeds the pre‑announcement TPI, work out that fraction by dividing: (a) the pre‑announcement TPI; by: (b) the post‑announcement TPI. (5) Otherwise, the fraction is 1.