Document ID: chunk:federal_register_of_legislation:C2024A00023:clause:2_29:p7
Version: federal_register_of_legislation:C2024A00023
Segment Type: clause
Provision Reference: sch 2 cl 29 (pt 7/15)
Character Range: 32476–35084

entity by an *associate entity and included in the entity's assessable income under section 44 of the Income Tax Assessment Act 1936.

Trusts other than AMITs
 (4) If the entity is a trust other than an *AMIT:
 (a) treat the reference in subsection (1) to the entity's taxable income as being a reference to the *net income of the entity; and
 (b) treat the reference in subsection (1) to the entity's *net debt deductions as being a reference to the entity's net debt deductions taken into account in working out that net income; and
 (c) treat the reference in subsection (1) to the entity's deductions as being a reference to the entity's deductions taken into account in working out that net income; and
 (d) treat the references in subsection (1) to the entity's assessable income as being a reference to the entity's assessable income taken into account in working out that net income.
 (5) To avoid doubt, for the purposes of references in subsection (4) to net income, do not make the assumption in subsection 102UX(3) of the Income Tax Assessment Act 1936.

Beneficiaries of trusts other than AMITs
 (6) In working out the taxable income or *tax loss of an entity for the purposes of subsection (1), if the entity is a beneficiary of a trust other than an *AMIT, and is an *associate entity of the trust:
 (a) disregard the operation of the following provisions in relation to the trust:
 (i) Subdivision 115‑C;
 (ii) Division 6 of Part III of the Income Tax Assessment Act 1936; and
 (b) disregard distributions from the trust to the entity.

Attribution managed investment trusts
 (6A) If the entity is an *AMIT:
 (a) treat the reference in subsection (1) to the entity's taxable income as being a reference to the *net income of the entity; and
 (b) treat the reference in subsection (1) to the entity's *net debt deductions as being a reference to the entity's net debt deductions taken into account in working out that net income; and
 (c) treat the reference in subsection (1) to the entity's deductions as being a reference to the entity's deductions taken into account in working out that net income; and
 (d) treat the references in subsection (1) to the entity's assessable income as being a reference to the entity's assessable income taken into account in working out that net income.

Members of AMITs
 (6B) In working out the taxable income or *tax loss of an entity for the purposes of subsection (1), if the entity is a member of an *AMIT, and is an *associate entity of the AMIT:
 (a) disregard the operation of Division 276 in relation to the AMIT; and
 (b) disregard distributions