Document ID: chunk:federal_register_of_legislation:C2024C00381:section:12:p2
Version: federal_register_of_legislation:C2024C00381
Segment Type: section
Provision Reference: s 12 (pt 2/3)
Character Range: 20476–22921

comparison rate described in section 392‑55 of the Income Tax Assessment Act 1997 were the rate of tax payable by the person on that income; and
 (ii) this subsection and section 12A did not apply; and
 (iii) the person were not entitled to any rebate, credit or other tax offset (as defined in the Income Tax Assessment Act 1997); and
            C is the number of whole dollars in the taxable income of the person.
 (8) The rate of further tax payable by a trustee under subsection 94(11) or (12) of the Assessment Act is:
 (a) in respect of the part of the net income of the trust estate that is the relevant part of that net income for the purposes of subsections 94(12A) and (12B) of the Assessment Act—the amount (if any) per dollar ascertained in accordance with the formula , where:
            A is an amount equal to 45% of the net income of the trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 or 99 of the Assessment Act;
            B is the amount of tax (if any) that, but for this subsection, subsection (4) and any rebate, credit or other tax offset (as defined in the Income Tax Assessment Act 1997) to which the trustee is entitled, would be payable by the trustee in respect of that net income; and
            C is the number of whole dollars in that net income; and
 (b) in respect of the part of the net income of the trust estate that is the prescribed part of that net income for the purposes of subsection 94(12B) of the Assessment Act—the amount (if any) per dollar ascertained in accordance with the formula , where:
            A is an amount equal to 45% of the net income of the trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 or 99 of the Assessment Act;
            B is the amount of tax (if any) that, but for this subsection, subsection (4) and any rebate, credit or other tax offset (as defined in the Income Tax Assessment Act 1997) to which the trustee is entitled, would be payable by the trustee in respect of that net income if the notional rates declared by this Division for the purposes of section 156 of the Assessment Act were the rates of tax payable by the trustee in respect of that net income; and
            C is the number of whole dollars in that net income.
 (9) The rate of tax payable by a trustee in respect of the net income of a trust estate in respect of which the trustee is