Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102aam:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102AAM (pt 1/8)
Character Range: 736379–738998

102AAM  Payment of interest by taxpayer on distributions from certain non‑resident trust estates
 (1) For the purposes of this section, if:
 (a) an amount is included in the assessable income of a taxpayer of a year of income (which year of income is in this section called the current year of income), being the year of income commencing on 1 July 1990 or a subsequent year of income, under section 99B in relation to a trust estate; and
 (b) the whole or a part of the amount so included in the taxpayer's assessable income (which whole or part is in this section called the distributed amount) is attributable to:
 (i) if the trust estate was a listed country trust estate in relation to a particular non‑resident year of income of the trust estate (in this section called the non‑resident trust's year of income)—so much of the income and profits of the trust estate of the non‑resident trust's year of income as represents eligible designated concession income in relation to any listed country in relation to the non‑resident trust's year of income; or
 (ii) if the trust estate was not a listed country trust estate in relation to a particular non‑resident year of income of the trust estate (in this section also called the non‑resident trust's year of income)—so much of the income and profits of the trust estate of the non‑resident trust's year of income as has not been subject to tax in any listed country in a tax accounting period:
 (A) ending before the end of the non‑resident trust's year of income; or
 (B) commencing during the non‑resident trust's year of income;
then:
 (c) the distributed amount is the distributed amount of the non‑resident trust's year of income; and
 (d) the taxpayer is the original taxpayer in relation to the distributed amount of the non‑resident trust's year of income.
 (1A) For the purposes of subsection (1), unless the contrary is established by the taxpayer:
 (a) a distributed amount in relation to a listed country trust estate in relation to a non‑resident trust's year of income is taken to be wholly attributable to income and profits of the trust estate of that year of income that represent eligible designated concession income in relation to a listed country; and
 (b) a distributed amount in relation to a trust estate that was not a listed country trust estate in relation to a non‑resident trust's year of income is taken to be wholly attributable to income and profits of the trust estate of that year of income that have not been subject to tax in any listed country in a tax accounting period.
 (1B) This section does not apply to a distributed amount