Document ID: chunk:federal_register_of_legislation:C2025C00014:schedule:2f:p7
Version: federal_register_of_legislation:C2025C00014
Segment Type: schedule
Provision Reference: sch 2F (pt 7/79)
Character Range: 2226336–2228714

in the period (the test period) from the beginning of the loss year until the end of the income year; and
 (c) was a listed widely held trust at all other times in the test period; and
 (d) was not an excepted trust at all times in the test period.
To find out the meaning of listed widely held trust: see section 272‑115.

Condition for deducting tax loss
 (3) The trust cannot deduct the tax loss unless it meets the condition in section 266‑90.

266‑80  Unlisted widely held trust may be required to work out its net income and tax loss in a special way

Type of trust to which this section applies—case 1
 (1) A trust that:
 (a) was an unlisted widely held trust at all times in the income year (the test period); and
 (b) was not a wholesale widely held trust at all times in the test period; and
 (c) was not an unlisted very widely held trust at all times in the test period; and
 (d) was not an excepted trust at all times in the test period;
must work out its net income and tax loss for the income year under Division 268 (How to work out a trust's net income and tax loss for the income year), unless it meets the condition in section 266‑90.

Type of trust to which this section applies—case 2
 (2) A trust that:
 (a) was an unlisted widely held trust, other than an unlisted very widely held trust or a wholesale widely held trust, at some time in the income year (the test period); and
 (b) was a listed widely held trust at all other times in the test period; and
 (c) was not an excepted trust at all times in the test period;
must work out its net income and tax loss for the income year under Division 268 (How to work out a trust's net income and tax loss for the income year), unless it meets the condition in section 266‑90.
Note: See section 415‑25 of the Income Tax Assessment Act 1997 if the trust was a designated infrastructure project entity during part, but not the whole, of the test period.

266‑85  Unlisted widely held trust may be denied debt deduction

Type of trust to which this section applies—case 1
 (1) This section applies to a trust that:
 (a) can deduct in the income year an amount:
 (i) under section 51 or 63, or under section 8‑1 or 25‑35 of the Income Tax Assessment Act 1997, in respect of the writing off of the whole or part of a debt as bad; or
 (ii) under subsection 63E(3) or (4) in respect of a debt/equity swap relating to