Document ID: chunk:federal_register_of_legislation:C2025C00012:clause:5_1:p4
Version: federal_register_of_legislation:C2025C00012
Segment Type: clause
Provision Reference: sch 5 cl 1 (pt 4/7)
Character Range: 389043–391521

is the amount of a distribution of paid‑up capital (in the event of a return of capital) that the *beneficiary has a right to receive because of *shares that the beneficiary holds at that time and are *referable to the *sub‑fund.
total capital distribution is the total distribution of paid‑up capital (in that event) payable on all *shares that are on issue at that time and are *referable to the *sub‑fund.
 (3) A fixed entitlement that exists because of this section is taken to be a fixed entitlement within the meaning given by sections 272‑5, 272‑10, 272‑15 and 272‑40 in Schedule 2F to the Income Tax Assessment Act 1936.
Note: This is relevant to, for example, the definition of fixed entitlement in subsection 102UC(4) of the Income Tax Assessment Act 1936.

195‑123  How to work out the income of the trust estate of a CCIV sub‑fund trust for an income year
 (1) The income (the trust income) of the trust estate of a *CCIV sub‑fund trust for an income year is worked out in accordance with this section.
Note: This is relevant to working out the income tax position of the CCIV sub‑fund trust and its beneficiaries under Division 6 of Part III of the Income Tax Assessment Act 1936.
 (2) If:
 (a) the *CCIV is a *retail CCIV at the end of the income year; and
 (b) the amount of the *sub‑fund's profit for the income year, as required to be stated in the financial statements included in the financial report for the sub‑fund for the income year that the CCIV is required to prepare because of paragraph 1232C(1)(a) of the Corporations Act 2001, is greater than nil;
the trust income is that profit.
 (3) If:
 (a) the *CCIV is not a *retail CCIV at the end of the income year; and
 (b) the amount of the *sub‑fund's profit for the income year that would, if the CCIV had been a retail CCIV at the end of the income year, be required to be stated as mentioned in paragraph (2)(b) is greater than nil;
the trust income is that profit.
 (4) If neither of subsections (2) and (3) applies, the trust income is nil.

195‑125  When a beneficiary of a CCIV sub‑fund trust is presently entitled to trust income
 (1) A *beneficiary of a *CCIV sub‑fund trust is taken to be presently entitled to a share of the income of the trust estate for an income year if any of the *sub‑fund's profit for the income year was or is payable to the beneficiary by way of one or more *dividends declared during, or within 3 months after, the income year.
 (2) That share consists of so much of