Document ID: chunk:federal_register_of_legislation:C2016C00523:clause:2_11:p2
Version: federal_register_of_legislation:C2016C00523
Segment Type: clause
Provision Reference: sch 2 cl 11 (pt 2/3)
Character Range: 35152–37835

subsection 102‑5(1) (discount capital gains) or Subdivision 152‑C (small business 50% reduction)—the amount mentioned in subsection 115‑225(1); and
 (b) if the capital gain was reduced under either step 3 of the method statement or Subdivision 152‑C but not both (even if it was further reduced by the other small business concessions)—twice the amount mentioned in subsection 115‑225(1); and
 (c) if the capital gain was reduced under both step 3 of the method statement and Subdivision 152‑C (even if it was further reduced by the other small business concessions)—4 times the amount mentioned in subsection 115‑225(1).
 (5) To avoid doubt, increase the assessable amount under subsection (2) or (4) even if the assessable amount is nil.

115‑225  Attributable gain
 (1) The amount is the product of:
 (a) the amount of the *capital gain remaining after applying steps 1 to 4 of the method statement in subsection 102‑5(1); and
 (b) your *share of the capital gain (see section 115‑227), divided by the amount of the capital gain.
 (2) Subsection (3) applies if the net income of the trust estate (disregarding the amount of any *franking credits) for the relevant income year falls short of the sum of:
 (a) the *net capital gain (if any) of the trust estate for the income year; and
 (b) the total of all *franked distributions (if any) included in the assessable income of the trust estate for the income year (to the extent that an amount of the franked distributions remained after reducing them by deductions that were directly relevant to them).
 (3) For the purposes of subsection (1), replace paragraph (a) of that subsection with the following paragraph:
 (a) the product of:
 (i) the amount of the *capital gain remaining after applying steps 1 to 4 of the method statement in subsection 102‑5(1); and
 (ii) the *net income of the trust estate for that income year (disregarding the amount of any *franking credits), divided by the sum mentioned in subsection (2); and

115‑227  Share of a capital gain
  An entity that is a beneficiary or the trustee of a trust estate has a share of a *capital gain that is the sum of:
 (a) the amount of the capital gain to which the entity is *specifically entitled; and
 (b) if there is an amount of the capital gain to which no beneficiary of the trust estate is specifically entitled, and to which the trustee is not specifically entitled—that amount multiplied by the entity's *adjusted Division 6 percentage of the income of the trust estate for the relevant income year.

115‑228  Specifically entitled to an amount of a capital gain
 (1) A beneficiary of a trust estate is specifically entitled to an amount of a *capital gain