Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102aazd:p3
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102AAZD (pt 3/4)
Character Range: 776838–779646

the transfers that were taken into account in determining whether the taxpayer was an attributable taxpayer in relation to the taxpayer's current year of income and in relation to the trust estate were made by the taxpayer to the trust estate before the IP time—the amount calculated using the formula:

  where:
              Adjusted net worth of trust estate has the meaning given by subsection (6).
              Weighted statutory interest rate means the weighted statutory interest rate in relation to the taxpayer's current year of income; and
 (iii) by adding together the amounts calculated under subparagraphs (i) and (ii).
 (5) For the purposes of subsection (4), the adjusted value of a transfer of property or services made by an attributable taxpayer to a trust estate is:
 (a) if the transfer occurred during the taxpayer's current year of income—the amount calculated using the formula:

  where:
          Market value of transferred property or services means the market value, immediately before the transfer, of the property or services.
          Days after transfer means the number of whole days in the taxpayer's current year of income after the day on which the transfer took place.
          Days in year of income means the number of whole days in the taxpayer's current year of income; or
 (b) if the transfer of the property or services occurred before the taxpayer's current year of income—the sum of:
 (i) the market value, immediately before the transfer, of the property or services; and
 (ii) the amount obtained:
 (A) by calculating, in respect of the transfer, for each year of income preceding the taxpayer's current year of income, the amount ascertained using the formula in subparagraph (4)(d)(i); and
 (B) by adding together the amounts calculated under sub‑subparagraph (A).
 (6) For the purposes of the application of subsection (4) in relation to a transfer of property or services made by an attributable taxpayer to a trust estate, the adjusted net worth of the trust estate is:
 (a) if the taxpayer's current year of income is the year of income commencing on 1 July 1990—the 1 July 1990 net worth of the trust estate; or
 (b) in any other case—the sum of:
 (i) the 1 July 1990 net worth of the trust estate; and
 (ii) the amount obtained:
 (A) by calculating, in respect of the transfer, for each year of income preceding the taxpayer's current year of income, the amount ascertained using the formula in subparagraph (4)(d)(ii); and
 (B) by adding together the amounts calculated under sub‑subparagraph (A).
 (7) If:
 (a) subsection (4) applies to an attributable taxpayer in relation to the taxpayer's current year of income; and
 (b) any of the transfers taken into account in determining whether the taxpayer was an attributable taxpayer in relation to