Document ID: chunk:federal_register_of_legislation:C2025C00014:schedule:2f:p15
Version: federal_register_of_legislation:C2025C00014
Segment Type: schedule
Provision Reference: sch 2F (pt 15/79)
Character Range: 2244484–2246996

very widely held trust or a listed widely held trust; and
 (b) in the test period, the trust was not at all times an excepted trust.
Note: Subdivisions 709‑D and 719‑I of the Income Tax Assessment Act 1997 also affect when a trust that used to be a member of a consolidated group or MEC group may deduct a debt that used to be owed to a member of the group and that the trust writes off as bad.

266‑165  There must be no abnormal trading (subject to 50% stake exception)
 (1) There must be no abnormal trading in the units of the trust during the test period.
To find out the meaning of abnormal trading: see Subdivision 269‑B.
 (2) If there is abnormal trading on one or more occasions, then for each abnormal trading the trust must pass the 50% stake test in respect of the following times:
 (a) the beginning of the test period;
 (b) immediately after the abnormal trading.
To find out whether the trust passes the 50% stake test: see Subdivision 269‑C.

266‑170  Deducting part of a tax loss
 (1) If section 266‑150 prevents the trust from deducting a tax loss, it can deduct the part of the tax loss that is attributable to a part of the loss year.
 (2) However, the trust can do this only if, assuming that that part of the loss year had been treated as the whole of the loss year for the purposes of section 266‑165, the trust would have been entitled to deduct the tax loss.

Subdivision 266‑F—Information about family trusts with interests in other trusts

266‑175  What this Subdivision is about
      If a trust would only avoid the tax consequences of this Division because of interests held by a non‑resident family trust, the Commissioner may require the trust to give certain information about the non‑resident family trust. If it is not given, the trust does not avoid the tax consequences of this Division.

266‑180  Information about family trusts with interests in other trusts

Notice about family trust
 (1) The Commissioner may give the trustee of a trust (the primary trust) a notice in accordance with section 266‑185 if the requirements of subsections (2) to (5) of this section are met.

First requirement
 (2) In its return of income for an income year, the primary trust:
 (a) must have deducted a tax loss from an earlier income year; or
 (b) must not have worked out its net income and tax loss for the income year under Division 268; or
 (c) must have deducted an amount in relation to a debt;
where it would not be allowed to deduct the tax loss or amount in respect of the debt,