Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102aau:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102AAU (pt 2/2)
Character Range: 764430–766708

year of income; and
 (B) the making of the attribution account payment gives rise to an attribution debit, in relation to any taxpayer, for the entity making the payment;
  the amount of the attribution debit; or
 (viii) an amount of income or profits of the trust estate:
 (A) that is subject to tax in any listed country in a tax accounting period ending before the end of the year of income or commencing during the year of income; and
 (B) that is not eligible designated concession income in relation to any listed country in relation to the year of income; and
 (d) so much of any foreign tax or Australian tax paid by the trustee or a beneficiary as is attributable to so much of the amount covered by paragraph (a) or (b), as the case requires, as remains after the reduction or reductions covered by paragraph (c).
 (2) The attributable income of a resident trust estate of a year of income is 0.
 (3) For the purposes of sub‑subparagraph (1)(c)(ii)(A), a beneficiary is to be taken to be a resident of a listed country if, and only if, the beneficiary is treated as a resident of the listed country for the purposes of the tax law of the listed country.
 (4) If the tax law of a listed country adopts some criterion other than treatment as a resident as the criterion for applying a worldwide source tax base to a beneficiary, then, subsection (3) has effect, in relation to that tax law, as if that criterion were the same as treatment as a resident of the listed country for the purposes of that tax law.
 (5) For the purposes of this section, where, because of section 101, a beneficiary is presently entitled to a particular amount, the amount is taken to have been paid to the beneficiary.
 (6) For the purposes of this section, the extent to which an amount referred to in subparagraph (1)(c)(i) or (ii) (in this subsection called the taxed amount) represents the amount covered by paragraph (1)(b) (in this subsection called the listed country trust amount) is calculated using the formula:

where:
Listed country trust amount means the number of dollars in the listed country trust amount.
Taxed amount means the taxed amount.
Net income means the number of dollars in the net income of the non‑resident trust estate concerned of the year of income concerned.