Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:11_3:p2
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 11 cl 3 (pt 2/2)
Character Range: 132894–134856

return for the 1998‑99 year of income—before the time when the trustee furnishes the return; or
 (ii) if the trustee is not required to furnish a return for the 1998‑99 year of income—before the end of 2 months after the end of that year of income;
the election can instead specify the qualifying year of income.

(2A) If:
 (a) a family trust election can be made in accordance with subsection 272‑80(2) of the trust loss etc. Schedule in relation to a non‑fixed trust (within the meaning of section 272‑70 of the trust loss etc. Schedule) specifying the 1998‑99 year of income; and
 (b) a franked dividend or a franked distribution (both within the meaning of section 177EA of the Income Tax Assessment Act 1936) was included in the assessable income of the trust of the 1997‑98 year of income (the qualifying year of income); and
 (c) the trust passes the family control test at the end of the 1997‑98 year of income; and
 (d) the Taxation Laws Amendment Act (No. 2) 1999 and the Taxation Laws Amendment Act (No. 2) 2000 receive the Royal Assent:
 (i) if the trustee is required to furnish a return for the 1998‑99 year of income—before the time when the trustee furnishes the return; or
 (ii) if the trustee is not required to furnish a return for the 1998‑99 year of income—before the end of 2 months after the end of that year of income;
the election can instead specify the qualifying year of income.

(3) A family trust election specifying the qualifying year of income in accordance with subitem (2) or (2A) must:
 (a) be in writing in a form and manner approved by the Commissioner; and
 (b) be made:
 (i) if the trustee is required to furnish a return for the 1998‑99 year of income—by the time when the trustee furnishes the return; or
 (ii) if the trustee is not required to furnish a return for the 1998‑99 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.