Document ID: chunk:federal_register_of_legislation:C2005C00508:clause:2_52zzm
Version: federal_register_of_legislation:C2005C00508
Segment Type: clause
Provision Reference: sch 2 cl 52ZZM
Character Range: 149780–150625

52ZZM  Ordinary income of a company or trust

 (1) For the purposes of this Subdivision, the ordinary income of a company or trust is to be worked out as if:
 (a) exempt lump sums were not excluded from the definition of ordinary income in subsection 5H(1); and
 (b) each reference in section 5H to a person included a reference to a company or trust; and
 (c) the following provisions had not been enacted:
 (i) section 46Q;
 (ii) subsection 5H(8);
 (iii) subsection 5H(12);
 (iv) Divisions 1, 2, 3, 4, 6 and 7.

 (2) Paragraphs (1)(a) and (c) have effect subject to paragraph 52ZZK(1)(d).

 (3) A reference in this Subdivision to the ordinary income of a company or trust is a reference to the company's or trust's gross ordinary income from all sources calculated without any reduction, other than a reduction under section 52ZZN or 52ZZO.