Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:11_8
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 11 cl 8
Character Range: 142265–144076

8  Subitems 23(2) and (3) of Schedule 1
Repeal the subitems, substitute:

(2) If:
 (a) a trustee makes a family trust election under subitem 22(3) (as inserted by the Taxation Laws Amendment Act (No. 2) 2000); and
 (b) an interposed entity election can be made in accordance with subsection 272‑85(2) of the trust loss etc. Schedule in relation to the family trust election specifying a day in the 1998‑99 year of income; and
 (c) the company, partnership or trust concerned passes the family control test (see section 272‑87 of the trust loss etc. Schedule):
 (i) if the qualifying year of income specified in the family trust election as mentioned in subitem 22(3) is the 1996‑97 year of income—at all times from a day in that year of income until the end of the 1997‑98 year of income; or
 (ii) if the qualifying year of income specified in the family trust election as mentioned in subitem 22(3) is the 1997‑98 year of income—at the end of the 1997‑98 year of income;
the interposed entity election can instead specify:
 (d) if subparagraph (c)(i) of this subitem applies—the day mentioned in that subparagraph or a later day in the qualifying year of income; or
 (e) if subparagraph (c)(ii) applies—a day in the qualifying year of income;
provided the day specified is not before the day on which the family trust election came into force.

(3) The election 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.