Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102aazd:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102AAZD (pt 2/4)
Character Range: 774291–777073

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) by adding together the amounts calculated under subparagraph (i).
 (3) If:
 (a) an amount is included in the assessable income of an attributable taxpayer of the taxpayer's current year of income under subsection (1); and
 (b) before or during the taxpayer's current year of income, one or more entities other than the taxpayer have transferred property or services to the trust estate concerned; and
 (c) the taxpayer gives to the Commissioner, in accordance with the approved form, such information in connection with the operation of this Division as is required by the form to be set out;
the Commissioner may reduce the amount included in the taxpayer's assessable income of the taxpayer's current year of income under subsection (1) having regard to:
 (d) the extent to which the attributable income of the trust estate is, in the opinion of the Commissioner, attributable to property or services transferred by the taxpayer; and
 (e) such other matters as the Commissioner considers relevant.
 (4) If:
 (a) apart from this subsection, an amount would be included in the assessable income of an attributable taxpayer of the taxpayer's current year of income under subsection (1) in relation to a particular trust estate; and
 (b) the taxpayer could not reasonably be expected to obtain the information required to determine the attributable income of the trust estate;
the following provisions have effect:
 (c) no amount is to be included in the assessable income of the taxpayer of the taxpayer's current year of income under subsection (1) in relation to the trust estate;
 (d) the assessable income of the taxpayer of the taxpayer's current year of income includes the amount obtained:
 (i) if any of the transfers that were taken into account in determining whether the taxpayer was an attributable taxpayer in relation to the taxpayer's current year of income and in relation to the trust estate were made by the taxpayer to the trust estate after the IP time—by calculating, for each such transfer, the amount calculated using the formula:

  where:
              Adjusted value of the transfer has the meaning given by subsection (5).
              Weighted statutory interest rate means the weighted statutory interest rate in relation to the taxpayer's current year of income; and
 (ii) if any of the transfers that were taken into account in determining whether the taxpayer was an attributable taxpayer in relation to the taxpayer's current year of income and in relation to the trust estate were made by the taxpayer to the trust