We have previously noted in our Snippets in September and December 2015 that, under the legislation to introduce the new managed investment trust rules, it was proposed that self managed superannuation fund(s) (SMSFs) (and other exempt entities that are entitled to a refund of excess imputation credits) be excluded from the 20% tracing rule for the public trading trust rules. This would have resulted, from 1 July 2016, in the public trading trust rules not applying to unit trusts merely because a SMSF held more than 20% of the units in the trust.
Unfortunately, the bill introducing these changes lapsed with the proroguing of parliament on 15 April 2016. Therefore, the public trading trust rules will continue to apply in their current form from 1 July 2016. For more information on the public trading trust rules see our previous article on the topic.