Document ID: chunk:federal_register_of_legislation:C2016C00501:clause:5_8:p1
Version: federal_register_of_legislation:C2016C00501
Segment Type: clause
Provision Reference: sch 5 cl 8 (pt 1/3)
Character Range: 36153–39030

8  Transitional—substituted accounting periods
(1) This item applies if the first income year mentioned in subitem 6(1) starts after the first 1 July after the day on which this Act receives the Royal Assent.
(2) For the purposes of working out liabilities to pay amounts in accordance with Subdivision 840‑M of the Income Tax Assessment Act 1997, apply the following rules:
 (a) treat the income year of an entity (the actual income year) ending immediately before that first income year as being the following 2 income years of the entity:
 (i) an income year (the first notional income year) that starts at the start of the actual income year and ends immediately before that 1 July;
 (ii) an income year (the second notional income year) that starts on that 1 July and ends at the end of the actual income year;
 (b) do not apply the amendments made by this Schedule in determining whether the entity is a managed investment trust in relation to the first notional income year;
 (c) apply the amendments made by this Schedule in determining whether the entity is a managed investment trust in relation to the second notional income year;
 (d) for the purposes of determining rates of taxation applicable for the purposes of that Subdivision, treat the first notional income year and the second notional income year as both being the income year following the first income year mentioned in subparagraph 4(1)(a)(i) of the Income Tax (Managed Investment Trust Withholding Tax) Act 2008.

Endnotes

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Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
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Abbreviation key—Endnote 2
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Legislation history and amendment history—Endnotes 3 and 4
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Editorial changes
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