12‑451 Transitional—MIT residential hous12‑451 Transitional—MIT residential housing income

#### 12‑451 Transitional—MIT residential housing income (1) This section applies if: (a) an amount (the relevant amount) is included in the assessable income for an income year of a \*managed investment trust in relation to the income year (worked out for the purposes of determining the trust’s \*net income, or in the case of an \*AMIT, the trust’s total assessable income, for the income year); and (b) the relevant amount would be \*MIT residential housing income (disregarding this section) of the \*managed investment trust because it is attributable to a facility that consists of or contains a \*residential dwelling asset; and (c) the managed investment trust derived, received or made the relevant amount before 1 October 2027; and (d) if the managed investment trust derived, received or made the relevant amount because the managed investment trust held the facility: (i) the managed investment trust held the facility just before the time mentioned in subsection (7); or (ii) before the time mentioned in subsection (7), the managed investment trust entered into a contract for the \*acquisition, creation or lease of the facility; and (e) if the managed investment trust derived, received or made the relevant amount because another entity (the second entity) held the facility: (i) the second entity held the facility just before the time mentioned in subsection (7); or (ii) before the time mentioned in subsection (7), the second entity entered into a contract for the acquisition, creation or lease of the facility; and (f) if paragraph (e) applies—immediately before the time mentioned in subsection (7), the managed investment trust held a \*total participation interest (the pre‑announcement TPI) of greater than nil in the second entity. (2) If paragraph (1)(d) applies, treat the relevant amount as not being \*MIT residential housing income of the \*managed investment trust. (3) If paragraph (1)(e) applies, treat part of the relevant amount as not being \*MIT residential housing income of the \*managed investment trust. (4) That part is equal to the relevant amount multiplied by the fraction worked out under subsections (5) and (6). (5) 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. (6) Otherwise, the fraction is 1. (7) The time is 4.30 pm, by legal time in the Australian Capital Territory, on 14 September 2017.