Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102aam:p3
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102AAM (pt 3/8)
Character Range: 741094–743794

subsection called the taxpayer's portion of the distributed amount of the non‑resident trust's year of income) of the part or share of the net income is attributable to the distributed amount of the non‑resident trust's year of income;
the taxpayer is liable to pay interest to the Commissioner in respect of the taxpayer's portion of the distributed amount of the non‑resident trust's year of income, calculated under subsection (5), on the amount calculated using the formula:

where:
Taxpayer's portion of the distributed amount means the taxpayer's portion of the distributed amount of the non‑resident trust's year of income.
Applicable rate of tax has the meaning given by subsection (10).
FITO (Foreign income tax offset) means so much of any tax offset under Division 770 of the Income Tax Assessment Act 1997 to which the taxpayer is entitled as is attributable to the taxpayer's portion of the distributed amount of the non‑resident trust's year of income.
 (4) Subject to this section, if:
 (a) the original taxpayer in relation to the distributed amount of the non‑resident trust's year of income is the trustee of a trust estate or a partnership; and
 (b) the following conditions are satisfied in relation to another taxpayer (in this subsection called the actual taxpayer):
 (i) an amount is included in the assessable income of the actual taxpayer of a year of income under subsection 92(1) or section 97, 98A or 100;
 (ii) the actual taxpayer is:
 (A) a company or a natural person (other than a company or a natural person in the capacity of a trustee); or
 (B) the trustee of a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust in relation to the year of income; or
 (D) the trustee of a public trading trust in relation to the year of income; or
 (E) the trustee of a trust estate who is liable to be assessed and pay tax under section 98, 99 or 99A in respect of a part of, or a share in, the net income of a trust estate;
 (iii) if sub‑subparagraph (ii)(A), (B), (C) or (D) applies—the whole or a part of the amount so included in the actual taxpayer's assessable income (which whole or part is in this subsection called the taxpayer's portion of the distributed amount of the non‑resident trust's year of income) is attributable (either directly or indirectly through one or more interposed partnerships or trusts) to the distributed amount of the non‑resident trust's year of income;
 (iv) if sub‑subparagraph (ii)(E) applies—the whole or a part (which whole or part is in this subsection also called the taxpayer's portion of the distributed amount of