Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102aau:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102AAU (pt 1/2)
Character Range: 762120–764663

102AAU  Attributable income of a trust estate
 (1) Subject to this Subdivision, the attributable income of a non‑resident trust estate of a year of income is:
 (a) if the non‑resident trust estate is not a listed country trust estate in relation to the year of income—the net income of the non‑resident trust estate of the year of income; or
 (b) if the non‑resident trust estate is a listed country trust estate in relation to the year of income—the amount that would have been the net income of the non‑resident trust estate of the year of income if the exempt income of the trust estate included all income and profits of the trust estate, other than eligible designated concession income in relation to any listed country in relation to the year of income;
reduced by:
 (c) so much (if any) of the amount covered by paragraph (a) or (b) as represents:
 (i) an amount:
 (A) that is or has been included in the assessable income of a beneficiary under section 97; or
 (B) in respect of which the trustee of the non‑resident trust estate is or has been assessed and liable to pay tax under section 98, 99 or 99A; or
 (C) on which trustee beneficiary non‑disclosure tax is payable under Division 6D; or
 (ii) an amount:
 (A) that is paid to a beneficiary, being a resident of a listed country, during the period of 13 months commencing at the beginning of the year of income; and
 (B) subject to tax in a listed country in a tax accounting period ending before the end of the year of income or commencing during the year of income; or
 (iii) an amount that consists of, or is attributable to, the franked part of a distribution, or the part of a distribution that has been franked with an exempting credit; or
 (v) if an amount is or has been included in the assessable income of any taxpayer under section 102AAZD because the taxpayer is an attributable taxpayer in relation to any year of income (in this subparagraph called the taxpayer's year of income) and in relation to a trust estate other than the non‑resident trust estate—so much of an amount paid to the trustee of the non‑resident trust estate as represents the attributable income of that other trust estate of the taxpayer's year of income; or
 (vii) if:
 (A) an attribution account payment is made to the trustee of the trust estate during the year of income; and
 (B) the making of the attribution account payment gives rise to an attribution debit, in relation to any taxpayer, for the entity making the payment;
  the amount of the attribution debit; or
 (viii) an amount of