Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102aab:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102AAB (pt 2/5)
Character Range: 704104–706735

meaning as in Part X.
discretionary trust estate means a trust estate where:
 (a) both of the following conditions are satisfied:
 (i) a person (who may include the trustee) is empowered (either unconditionally or on the fulfilment of a condition) to exercise any power of appointment or other discretion;
 (ii) the exercise of the power or discretion, or the failure to exercise the power or discretion, has the effect of determining, to any extent, either or both of the following:
 (A) the identities of those who may benefit under the trust;
 (B) how beneficiaries are to benefit, as between themselves, under the trust; or
 (b) one or more of the beneficiaries under the trust have a contingent or defeasible interest in some or all of the corpus or income of the trust estate; or
 (c) the trustee of another trust estate, being a trust estate where both of the conditions in paragraph (a) are satisfied, benefits, or is capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the first‑mentioned trust estate.
eligible designated concession income has the same meaning as in Part X.
entity means any of the following:
 (a) a company;
 (b) a partnership;
 (c) a person in the capacity of trustee;
 (d) any other person.
exempt income, in relation to a trust estate, means the exempt income of the trust estate calculated as if the trustee were a taxpayer who was a resident.
IP time means 7.30 p.m., by standard time in the Australian Capital Territory, on 12 April 1989.
listed country has the same meaning as in Part X.
listed country trust estate has the meaning given by section 102AAE.
net income, in relation to a trust estate, in relation to a year of income, means:
 (b) if the trust estate is a public trading trust in relation to the year of income—the net income (within the meaning of Division 6C) of the public trading trust of the year of income; or
 (c) in any other case—the net income (within the meaning of Division 6) of the trust estate.
non‑attributable year of income, in relation to a trust estate, means a non‑resident year of income of the trust estate where no amount calculated by reference to the attributable income of the trust estate of that year of income is included in the assessable income of any taxpayer under subsection 102AAZD(1).
non‑discretionary trust estate means a trust estate other than a discretionary trust estate.
non‑resident family trust has the meaning given by section 102AAH.
non‑resident trust estate (except in section 102AAA), in relation to a year of income, means a trust estate that is not a resident trust estate in relation to