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Here is a copy of the MGS response.

The Taxation Institute has a seminar on hybrid Trusts coming up. Trusts & Estates Club: Hybrid Trusts Thursday 22 May 1.5 CPD | Sydney A panel discussion involving David Russell QC, Chris Catt of Counsel, together with Deputy Chief Tax Counsel Peter Walmsley and Tax Counsel Simon...

I think this means if your trustee has any discretion on who to distribute income or capital gains to, then the unit holder cannot commercially justify their claiming of interest.

The ATO has just issued an alert which covers certain Hybrid Trusts: TA 2008/3 Uncommercial use of certain trusts http://law.ato.gov.au/atolaw/view.htm?DocID=TPA/TA20083/NAT/ATO/00001 From the end of the document: The Tax Office considers that the arrangement outlined above may give...