Document ID: chunk:federal_register_of_legislation:C2005C00508:clause:1_1208
Version: federal_register_of_legislation:C2005C00508
Segment Type: clause
Provision Reference: sch 1 cl 1208
Character Range: 45017–45836

1208  Ordinary income of a company or trust

 (1) For the purposes of this Division, the ordinary income of a company or trust is to be worked out as if:
 (a) exempt lump sums were not excluded from the definition of ordinary income in subsection 8(1); and
 (b) each reference in section 8 to a person included a reference to a company or trust; and
 (c) the following provisions had not been enacted:
 (i) subsection 8(7A);
 (ii) subsection 8(8);
 (iii) subsection 8(11);
 (iv) Part 3.10.

 (2) Paragraphs (1)(a) and (c) have effect subject to paragraph 1207Y(1)(d).

 (3) A reference in this Division to the ordinary income of a company or trust is a reference to the company's or trust's gross ordinary income from all sources calculated without any reduction, other than a reduction under section 1208A or 1208B.