Document ID: chunk:federal_register_of_legislation:C2025C00014:schedule:2f:p64
Version: federal_register_of_legislation:C2025C00014
Segment Type: schedule
Provision Reference: sch 2F (pt 64/79)
Character Range: 2361630–2364181

be taken into account in relation to the election if:
 (a) an order; or
 (b) an agreement; or
 (c) an award;
of a kind mentioned in paragraphs 126‑5(1)(a) to (f) of the Income Tax Assessment Act 1997 results in the new individual, or a group comprising the new individual and members of the new individual's family, having control of the trust under subsection (5D).
 (5D) The new individual, or a group comprising the new individual and members of the new individual's family, have control of the trust for the purposes of subsection (5C) if any of paragraphs 272‑87(2)(a) to (g) are satisfied in relation to a group consisting of:
 (a) the new individual; or
 (b) the new individual and members of the new individual's family.

Revocation cases
 (6) The trustee of a fixed trust may revoke the election if:
 (a) at the beginning of the specified income year:
 (i) the individual specified in the election; or
 (ii) one or more members of the individual's family; or
 (iii) the trustee of another trust that is a family trust, provided the individual is specified in that trust's family trust election;
  or any combination of the above, had the fixed entitlements, directly or indirectly, and for their own benefit, to all of the income and capital of the trust; and
 (b) at a later time (whether before or after the return is furnished, but while the trust is still a fixed trust), an individual, other than one of a kind mentioned in subparagraph (a)(i), (ii) or (iii), holds a fixed entitlement, directly or indirectly, and for his or her own benefit, to any of the income or capital of the trust.
 (6A) The trustee of a trust may, in respect of an income year during the period specified in subsection (6B), revoke the election unless:
 (a) the trust, or another entity, has incurred a tax loss and had its assessable income reduced by part or all of the loss in an income year or years during the period:
 (i) beginning at the beginning of the income year specified in the election; and
 (ii) finishing at the end of the income year immediately prior to the income year from which the revocation is to be effective (see subsection (8));
  and the trust, or the other entity, could not have had its assessable income so reduced had the election not been in force; or
 (b) the trust, or another entity, has claimed a deduction for bad debts in an income year or years during the period specified in paragraph (a) and the trust, or the other entity, could not have claimed the deduction had the election not been in force; or
 (c) a beneficiary of