Document ID: chunk:federal_register_of_legislation:F2025L00233:reg:4a:p5
Version: federal_register_of_legislation:F2025L00233
Segment Type: reg
Provision Reference: reg 4A (pt 5/7)
Character Range: 14713–17775

of the Act, the Commission must consider determining that the ordinary income of the individual received during the attribution period does not include any part of the amount or value of the distribution if, but for this section, any part of the amount or value of the distribution would be included in the ordinary income of the individual for that period.

      16  No double counting of attributed income—other distributions by a company

        (1) This section applies if:
           (a) during a particular derivation period of a company, an individual receives a distribution of capital or profits from the company (the distribution); and
           (b) the individual is an attributable stakeholder of the company during an attribution period that corresponds with the derivation period of the company; and
           (c) the distribution is made in circumstances other than those mentioned in section 14 and paragraphs 15(1)(c) and (d); and
           (d) the individual is taken to receive additional ordinary income during that attribution period in accordance with subsection 52ZZK(1) of the Act.

        (2) For paragraph 52ZZL(1)(d) of the Act, if the amount of the distribution is less than, or equal to, the additional ordinary income that the individual is taken to receive in accordance with subsection 52ZZK(1) of the Act during the attribution period, the Commission must consider determining that the ordinary income of the individual received during that period does not include the amount of that distribution.

        (3) For paragraph 52ZZL(1)(e) of the Act, if the amount of the distribution exceeds the additional ordinary income that the individual is taken to receive in accordance with subsection 52ZZK(1) of the Act during the attribution period, the Commission must consider determining that the ordinary income of the individual received during that period does not include so much of the amount of the distribution that equals the additional ordinary income that the individual is taken to receive in accordance with subsection 52ZZK(1) of the Act.

               Division 3.3 Distributions by trusts

      17  No double counting of attributed income—distribution by trust to all attributable stakeholders

        (1) This section applies if:
           (a) during a particular derivation period of a trust, an individual receives a distribution of corpus from the trust (the distribution); and
           (b) the individual is an attributable stakeholder of the trust during an attribution period that corresponds with the derivation period of the trust; and
           (c) the distribution made to the attributable stakeholder is part of a distribution to all attributable stakeholders of the trust (the total distribution); and
           (d) the proportion that the distribution to each attributable stakeholder bears to the total distribution, expressed as a percentage, is the same as the attributable stakeholder's asset attribution percentage in relation to the trust.

        (2) For paragraph 52ZZL(2)(d) of