Document ID: chunk:federal_register_of_legislation:C2025C00014:section:4:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 4 (pt 2/3)
Character Range: 611467–614015

the eligible trust portion at the rate declared by the Parliament to be the rate of further tax payable in pursuance of subsection (11) or (12) in respect of the relevant part of the net income of a trust estate and is, in addition, liable to pay further tax upon the prescribed part of the eligible trust portion at the rate declared by the Parliament to be the rate of further tax payable in pursuance of subsection (11) or (12) in respect of the prescribed part of the net income of a trust estate.
 (12C) For the purposes of subsections (12A) and (12B):
 (a) the prescribed part of the eligible trust portion in relation to a trust estate in relation to a year of income is:
 (i) in a case to which subparagraph (ii) does not apply—the sum of:
 (A) the amount ascertained by deducting from so much of the assessable primary production income of the trust estate of the year of income as is also income that was taken into account in determining the amount of the eligible trust portion so much of the deductions allowable in the assessment of the trustee of the trust estate as constitutes relevant primary production deductions and was also deductible in accordance with subsection (5) in determining the amount of the eligible trust portion; and
 (B) the amount (if any) ascertained in accordance with the formula , where:
  A  is the amount of the notional net income from primary production of the trust estate of the year of income.
  B  is the number of whole dollars in the amount ascertained by deducting from the eligible trust portion the amount calculated in accordance with sub‑subparagraph (A); and
  C  is the number of whole dollars in the amount ascertained by deducting from the net income of the trust estate of which the eligible trust portion is a portion the actual net income from primary production of the trust estate of the year of income; and
 (ii) in a case where the aggregate of the relevant primary production deductions allowable in calculating the net income of the trust estate of the year of income exceeds the assessable primary production income of the trust estate of the year of income—the amount ascertained in accordance with the formula , where:
  A  is the amount of the notional net income from primary production of the trust estate of the year of income.
  B  is the number of whole dollars in the eligible trust portion.
  C  is the number of whole dollars in the net income of the trust estate of which the eligible trust portion is a portion; and
  D  is the number of whole dollars in the amount