Document ID: chunk:federal_register_of_legislation:C2004A00636:clause:1_16:p1
Version: federal_register_of_legislation:C2004A00636
Segment Type: clause
Provision Reference: sch 1 cl 16 (pt 1/6)
Character Range: 8887–11587

16  At the end of Division 45 in Schedule 1
Add:

Subdivision 45‑N—How this Part applies to the trustee of a trust

Table of sections

Trustees to whom this Part applies

45‑450 Trustees to whom a single instalment rate is given
45‑455 Trustees to whom several instalment rates are given
45‑460 Rest of Subdivision applies only to multi‑rate trustees
45‑465 Meaning of instalment income
45‑468 Multi‑rate trustee may pay quarterly instalments on the basis of GDP‑adjusted notional tax

How Commissioner works out instalment rate and notional tax for a multi‑rate trustee

45‑470 Working out instalment rate
45‑473 Commissioner must notify you of notional tax
45‑475 Working out your notional tax
45‑480 Working out your adjusted taxable income
45‑483 Meaning of reduced beneficiary's share and reduced no beneficiary's share
45‑485 Working out your adjusted withholding income

How Commissioner works out benchmark instalment rate and benchmark tax for a multi‑rate trustee

45‑525 When Commissioner works out benchmark instalment rate and benchmark tax
45‑530 How Commissioner works out benchmark instalment rate
45‑535 Working out your benchmark tax

Trustees to whom this Part applies

45‑450  Trustees to whom a single instalment rate is given

 (1) This Part (except Subdivision 45‑D) applies to a trustee covered by any of items 6 to 12 of the table in section 9‑1 of the Income Tax Assessment Act 1997.

Note: Subdivision 45‑D is about quarterly payers who pay on the basis of GDP‑adjusted notional tax.

 (2) Such a trustee is called a single‑rate trustee.

 (3) This Part (except Subdivision 45‑D) applies to the trustee of a trust that is a *corporate unit trust, or a *public trading trust, for an income year as if the trustee had a taxable income for the income year equal to the net income of the trust for the income year.

45‑455  Trustees to whom several instalment rates are given

Trustee previously assessed in respect of beneficiary

 (1) This Part also applies for an income year (the current year), to the trustee of a trust, in respect of a beneficiary of the trust, if for a previous income year the trustee of the trust was liable to be assessed, and to pay tax, under subsection 98(1) or (2) of the Income Tax Assessment Act 1936 in respect of that beneficiary.

 (2) However, this Part does not apply for the current year to the trustee in respect of that beneficiary if:
 (a) for that previous income year the trustee was liable to be assessed, and to pay tax, under subsection 98(1) of the Income Tax Assessment Act 1936 in respect of that beneficiary; and
 (b) that beneficiary will no longer be under a legal disability, or it is reasonable to expect that he or