Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:11_3:p1
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 11 cl 3 (pt 1/2)
Character Range: 130551–133114

3  Subitems 22(2) and (3) of Schedule 1
Repeal the subitems, substitute:

(2) If:
 (a) a family trust election can be made in accordance with subsection 272‑80(2) of the trust loss etc. Schedule specifying the 1998‑99 year of income; and
 (b) assuming that the family trust election could instead specify the 1996‑97 year of income or the 1997‑98 year of income (the qualifying year of income):
 (i) a company that would otherwise be prevented, by section 63B or 63C of the Income Tax Assessment Act 1936 from deducting in the qualifying year of income an amount in respect of a debt would not be so prevented; or
 (ii) a company that would otherwise be prevented by subsection 160ZC(5) of the Income Tax Assessment Act 1936 from applying a net capital loss in the qualifying year of income would not be so prevented; or
 (iii) a company that would otherwise be prevented by Subdivision 165‑A, 175‑A or 175‑B of the Income Tax Assessment Act 1997 from deducting an amount in the qualifying year of income would not be so prevented; or
 (iv) a company that would otherwise be required to calculate its taxable income for the qualifying year of income in accordance with section 50C of the Income Tax Assessment Act 1936 would not be so required; or
 (v) a company that would otherwise not be entitled, in calculating its taxable income for the qualifying year of income in accordance with section 50C of the Income Tax Assessment Act 1936, to take into account an amount, by reason of subsection 50D(2), in ascertaining the eligible notional loss of the company under section 50D, would be so entitled; or
 (vi) a company that would otherwise be required to calculate its taxable income and tax loss for the qualifying year of income under Subdivision 165‑B of the Income Tax Assessment Act 1997 would not be so required; and
 (c) the trust concerned passes the family control test (see section 272‑87 of the trust loss etc. Schedule):
 (i) if the qualifying year of income is the 1996‑97 year of income—at all times from the beginning of that year of income until the end of the 1997‑98 year of income; or
 (ii) if the qualifying year of income is the 1997‑98 year of income—at the end of the 1997‑98 year of income; and
 (d) the Taxation Laws Amendment Act (No. 2) 2000 receives the Royal Assent:
 (i) if the trustee is required to furnish a return for the 1998‑99 year of income—before the time when the trustee furnishes the return; or
 (ii) if the trustee is not required to furnish a return for the 1998‑99 year of income—before the end of 2 months after the