Document ID: chunk:federal_register_of_legislation:C2025C00014:section:6:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 6 (pt 2/19)
Character Range: 10550–13155

income); or
Note 1: A taxpayer does not have a taxable income if the taxpayer's deductions equal or exceed the taxpayer's assessable income: see subsection 4‑15(1) of the Income Tax Assessment Act 1997.
Note 2: A taxpayer may have no tax payable on an amount of taxable income if that income is below the tax‑free threshold or if the taxpayer's tax offsets reduce the taxpayer's basic income tax liability to nil.
 (c) for a taxpayer that is the trustee of a unit trust that is a public trading trust (within the meaning of section 102R)—the ascertainment:
 (i) of the net income of the trust (within the meaning of section 102M) (or that there is no net income); and
 (ii) of the tax payable on that net income (or that no tax is payable); and
 (iii) of the total of a taxpayer's tax offset refunds for a year of income (or that the taxpayer can get no such refunds for the year of income); or
 (d) for a taxpayer that is the trustee of a trust estate (other than a trustee to which paragraph (b) or (c) applies or the trustee of a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust)—the ascertainment:
 (i) of so much of the net income of the trust estate as is net income in respect of which the trustee is liable to pay tax (or that there is no net income in respect of which the trustee is so liable); and
 (ii) of the tax payable on that net income (or that no tax is payable); and
 (iii) of the total of a taxpayer's tax offset refunds for a year of income (or that the taxpayer can get no such refunds for the year of income); or
 (e) the ascertainment of the amount of interest payable under section 102AAM (about distributions from non‑resident trust estates); or
 (h) the ascertainment of the amount of income tax payable on the no‑TFN contributions income as defined by section 295‑610 of the Income Tax Assessment Act 1997 (or that no tax is payable); or
 (j) the ascertainment of the amount payable (or that no amount is payable) under the following:
 (i) subsection 276‑105(2) of the Income Tax Assessment Act 1997 (AMIT trustee taxed on amounts attributed to foreign resident members);
 (ii) subsection 276‑340(2) of that Act (AMIT trustee taxed on trust component deficit of character relating to tax offset);
 (iii) subsection 276‑405(2) of that Act (AMIT trustee taxed on shortfall in determined member components of character relating to assessable income);
 (iv) subsection 276‑410(2) of that Act (AMIT trustee taxed on excess in determined member components of