Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p12
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 12/18)
Character Range: 7503841–7506325

the Royal Assent. Subdivision 840‑M of the Income Tax (Transitional Provisions) Act 1997 applies instead.

Payments from withholding MITs
 (2) This subsection applies to you if:
 (a) you are paid an amount from a trust that is a *withholding MIT in relation to an income year, or an amount is applied or dealt with as you direct by such a trust; and
 (b) all or part of that amount (the fund payment part) is represented by a *fund payment in relation to that year; and
 (c) you are, in respect of the fund payment part, a beneficiary (but not a beneficiary in the capacity of a trustee of another trust); and
 (d) you are a foreign resident when you are paid the amount or when the amount is applied or dealt with as you direct.
Note 1: Because a fund payment can be adjusted to account for earlier fund payments and the expected amounts of later fund payments (see subsection 12A‑110(5) in Schedule 1 to the Taxation Administration Act 1953), the amount of a particular fund payment may not reflect the actual amount you are paid for the purposes of this subsection.
Note 2: If the withholding MIT is an AMIT, under subsection 12A‑205(2) in Schedule 1 to the Taxation Administration Act 1953, amounts may be treated, for the purposes of this Subdivision, as having been paid to you from the trustee of the AMIT.

Payments from custodians
 (3) This subsection applies to you if:
 (a) you are paid an amount from a *custodian, or an amount is applied or dealt with as you direct by a custodian; and
 (b) all or part of that amount (the fund payment part) is reasonably attributable to a *fund payment in relation to an income year by a trust that is a *withholding MIT in relation to that year; and
 (c) you are, in respect of the fund payment part, a beneficiary (but not a beneficiary in the capacity of a trustee of another trust); and
 (d) you are a foreign resident when you are paid the amount or when the amount is applied or dealt with as you direct; and
 (e) either:
 (i) the custodian is not a company; or
 (ii) if it is a company, it would be acting in the capacity as your *agent apart from section 840‑820.
Note: If the withholding MIT is an AMIT, under subsection 12A‑205(5) in Schedule 1 to the Taxation Administration Act 1953, amounts may be treated, for the purposes of this Subdivision, as having been paid to you from the custodian.

Entitlements to amounts from other entities
 (4) This subsection applies to you if:
 (a) you are a beneficiary of a trust (that is