Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102aam:p7
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102AAM (pt 7/8)
Character Range: 750993–753545

number of dollars in the income and profits of the trust estate of the non‑resident trust's year of income.
 (8) For the purposes of subsection (7), an amount of income or profits of a trust estate is to be taken to be distributed if the amount is paid to, or applied for the benefit of (within the meaning of section 99B), a beneficiary of the trust estate.
 (9) Where, apart from this subsection, the amount of interest that would be payable under this section by a taxpayer in respect of the distributed amount of a non‑resident trust's year of income, or in respect of the taxpayer's portion of the distributed amount of a non‑resident trust's year of income, is less than 50 cents, interest is not payable by the taxpayer under this section.
 (10) For the purposes of this section, the applicable rate of tax in relation to a taxpayer is:
 (a) if the taxpayer is a company (other than a company in the capacity of a trustee)—the corporate tax rate for the year of tax to which the assessment year of income relates; or
 (b) in any other case—the maximum rate specified in the table in Part I of Schedule 7 of the Income Tax Rates Act 1986 that applies for the assessment year of income.
 (10A) Paragraph (10)(b) has effect as if the maximum rate specified as mentioned in that paragraph was increased by 2 percentage points for assessment years of income that correspond to the temporary budget repair levy years (within the meaning of section 4‑11 of the Income Tax (Transitional Provisions) Act 1997).
 (11) For the purposes of the application of this section to a taxpayer, the assessment year of income is:
 (a) if subsection (2) or (3) applies—the current year of income; or
 (b) if subsection (4) applies—the year of income referred to in subparagraph (4)(b)(i).
 (12) For a taxpayer who is not a full self‑assessment taxpayer for the assessment year of income, the Commissioner must make an assessment of the interest payable by the taxpayer under this section.
 (13A) If:
 (a) a taxpayer is a full self‑assessment taxpayer for the assessment year of income; and
 (b) the taxpayer lodges a return for that year;
then:
 (c) the Commissioner is taken to have made an assessment of the interest payable by the taxpayer under this section for the year, equal to the amount specified in the return as the interest so payable; and
Note: If any interest is so payable, the return must specify the amount: see section 161AA.
 (d) the assessment is taken to have been made on the day on which the return is lodged; and
 (e) the return is taken to be