Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102aazd:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102AAZD (pt 1/4)
Character Range: 771815–774522

102AAZD  Assessable income of attributable taxpayer to include attributable income of trust estate to which taxpayer has transferred property or services
 (1) Subject to section 102AAZE and to this section, if:
 (a) an entity is an attributable taxpayer:
 (i) in relation to the year of income of the taxpayer commencing on 1 July 1990 (which year of income is in this section called the taxpayer's current year of income) or in relation to a subsequent year of income of the taxpayer (which year of income is in this section also called the taxpayer's current year of income); and
 (ii) in relation to a trust estate; and
 (b) any part of a non‑resident year of income of the trust estate occurs during the taxpayer's current year of income; and
 (c) the taxpayer is a resident at any time during the taxpayer's current year of income;
the assessable income of the taxpayer of the taxpayer's current year of income includes:
 (d) if the taxpayer is a resident at all times during the taxpayer's current year of income—the whole of the notional attributable income of the trust estate of the taxpayer's current year of income; or
 (e) if the taxpayer is a resident for only part of the taxpayer's current year of income—the amount calculated using the formula:

  where:
          Notional attributable income means the notional attributable income of the trust estate of the taxpayer's current year of income.
          Days in residency period means the number of whole days during the taxpayer's current year of income when the taxpayer was a resident.
          Days in year of income means the number of whole days in the taxpayer's current year of income.
 (2) A reference in subsection (1) to the notional attributable income of the trust estate of the taxpayer's current year of income is a reference to:
 (a) if there is a year of income of the trust estate that begins at the same time as the beginning of the taxpayer's current year of income—the attributable income of the trust estate of that year of income; or
 (b) in any other case—the amount obtained:
 (i) by calculating, for each year of income of the trust estate (in this paragraph called the trust's year of income) any part of which occurs during the taxpayer's current year of income, the amount calculated using the formula:

  where:
              Attributable income means the attributable income of the trust estate of the trust's year of income.
              Days in overlapping period means the number of whole days in the trust's year of income that occurred during the taxpayer's current year of income.
              Days in trust's year of income means the number of whole days in the trust's year of income; and
 (ii)