Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:11_22a:p3
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 11 cl 22A (pt 3/3)
Character Range: 140570–142189

the time when the trustee furnishes the return; or
 (ii) if the trustee is not required to furnish a return for the 1999‑2000 year of income—before the end of 2 months after the end of that year of income or before the end of such later day as the Commissioner allows.

(4) If a family trust election is made in accordance with subitem (3) specifying the qualifying year:
 (a) if the trustee is required to furnish a return for the 1999‑2000 year of income—such information about the election as is required by the return must be included in the return; and
 (b) if the trustee is not required to furnish a return for that year of income—the trustee must, before the end of 2 months after the end of the 1999‑2000 year of income or before the end of such later day as the Commissioner allows, give the Commissioner such information about the election as the Commissioner, by notice in the Gazette, requires.

(5) If:
 (a) a family trust election does specify the qualifying year of income in accordance with this item; and
 (b) the trust is not prevented by the trust loss etc. Schedule from deducting a tax loss, or an amount in respect of a debt, and is not required to work out its net income and tax loss under Division 268 of that Schedule in the qualifying year or any later year of income that occurs before the 1999‑2000 year of income;
no liability to pay family trust distribution tax arises under Division 271 of the trust loss etc. Schedule in respect of a conferral of a present entitlement to, or a distribution of, income or capital that took place during the qualifying year or the later year of income.