Document ID: chunk:federal_register_of_legislation:C2024C00381:section:13:p2
Version: federal_register_of_legislation:C2024C00381
Segment Type: section
Provision Reference: s 13 (pt 2/4)
Character Range: 26526–28882

Assessment Act also applies to a part of the share of the beneficiary of the net income of another trust estate or to parts of the shares of the beneficiary of the net incomes of other trust estates; and
 (e) the sum of the part referred to in paragraph (b) and the part or parts referred to in paragraph (d) exceeds $416;
the trustee of the trust estate referred to in paragraph (a) is liable to pay tax in respect of the share of the net income of the trust estate referred to in that paragraph at the rates set out in Part I of Schedule 12.
 (5) Where:
 (a) the amount of tax that a trustee of a trust estate is liable to pay in respect of the share of a resident beneficiary of the net income of the trust estate is, by virtue of subsection (4), to be calculated in accordance with Part I of Schedule 12; and
 (b) the sum of:
 (i) the part of that share to which Division 6AA of Part III of the Assessment Act applies; and
 (ii) the part of the share of the beneficiary of the net income of the other trust estate or the parts of the shares of the beneficiary of the net incomes of the other trust estates, as the case may be, to which that Division applies;
  does not exceed the resident phase‑out limit;
the tax that, apart from this subsection, would be payable by the trustee in respect of the share referred to in paragraph (a) shall be reduced by such amount (if any) as, in the opinion of the Commissioner, is fair and reasonable.
 (6) Subject to subsection (7), where:
 (a) the trustee of a trust estate is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of the share of a resident beneficiary of the net income of the trust estate;
 (b) Division 6AA of Part III of the Assessment Act applies to a part (in this subsection referred to as the eligible part) of that share; and
 (c) the eligible part of that share exceeds $416 but does not exceed the resident phase‑out limit;
the amount of tax payable under subsection (3) in respect of the eligible part of that share shall not exceed:
 (d) 66% of the amount by which the eligible part of that share exceeds $416; or
 (e) the amount ascertained by deducting from the amount of tax that would be payable by the trustee if the rates referred to in Part I of Schedule 10 were applied to that share of that net income the amount of tax that would be payable