Document ID: chunk:federal_register_of_legislation:C2007A00079:clause:3_2:p2
Version: federal_register_of_legislation:C2007A00079
Segment Type: clause
Provision Reference: sch 3 cl 2 (pt 2/2)
Character Range: 30306–31462

applies in respect of the beneficiary's share.

Consequences if trustee makes choice

 (4) These are the consequences if the trustee makes a choice that this subsection applies in respect of a beneficiary's share:
 (a) for the purposes of sections 97, 98A and 100 of the Income Tax Assessment Act 1936, the share is taken not to be included in the assessable income of the beneficiary;
 (b) the trustee is not assessed, and is not liable to pay tax, in respect of the share under section 98 of the Income Tax Assessment Act 1936.

Note 1: Because of these consequences in relation to sections 97 and 98 of the Income Tax Assessment Act 1936, the trustee will be assessed on the beneficiary's share under section 99A or (at the Commissioner's discretion) 99 of that Act.

Note 2: Section 115‑215 does not apply in relation to an amount to which this subsection applies.

Deadline for making choice

 (5) The deadline for the purposes of subsection (3) is:
 (a) the day 2 months after the last day of the income year; or
 (b) a later day allowed by the Commissioner.

Note: This deadline is an exception to the general rule about choices in section 103‑25.