Document ID: chunk:federal_register_of_legislation:C2025C00014:schedule:2f:p25
Version: federal_register_of_legislation:C2025C00014
Segment Type: schedule
Provision Reference: sch 2F (pt 25/79)
Character Range: 2267929–2270485

the last) ends at the earliest time at which there is an abnormal trading in the trust's units, where the trust does not pass the 50% stake test in respect of the following times:
 (a) the beginning of the period;
 (b) immediately after the abnormal trading.
 (4) However, what would, apart from this subsection, be 2 or more successive periods are treated as a single period if:
 (a) the trust is a listed widely held trust; and
 (b) during all of the periods the trust passed the business continuity test in relation to the time immediately before the end of the first of the successive periods.

268‑25  Income year of non‑fixed trust to be divided into periods
 (1) If a trust's net income and tax loss for the income year are required by section 267‑60 to be worked out under this Division, the income year is divided into periods as follows.
 (2) The first period begins at the beginning of the income year. Each later period begins immediately after the end of the previous period.
 (3) The last period ends at the end of the income year.
 (4) If the condition in subsection 267‑70(2) applies but the trust does not meet the condition, each period (except the last) ends at the earlier of:
 (a) the latest time, after the test time mentioned in that section, that would result in the same individuals having more than a 50% stake in the income or the capital, as the case requires, of the trust during the whole of the period; or
 (b) the earliest time when a group begins to control the trust directly or indirectly.
 (5) If the condition in subsection 267‑70(2) does not apply, or does apply and the trust meets the condition, each period (except the last) ends at the earliest time when a group begins to control the trust directly or indirectly.

Subdivision 268‑C—Other steps in working out the net income and tax loss

268‑30  Calculate the notional loss or net income for each period
 (1) A notional loss or notional net income of the trust must be worked out for each period into which the income year has been divided in accordance with Subdivision 268‑B.
 (2) The trust has a notional loss for a period if the deductions attributed to the period under section 268‑35 exceed the assessable income attributed to the period under section 268‑40. The notional loss is the amount of the excess.
For a period during which the trust was in partnership, the notional loss is worked out under Subdivision 268‑D.
 (3) On the other hand, if that assessable income exceeds those deductions, the trust has a notional net income for the period, equal to