Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102aam:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102AAM (pt 2/8)
Character Range: 738779–741342

attributable to income and profits of the trust estate of that year of income that have not been subject to tax in any listed country in a tax accounting period.
 (1B) This section does not apply to a distributed amount that is attributable to income or profits of the estate of a deceased person if the amount was paid to, or applied for the benefit of, the taxpayer within 3 years after the death of that person.
 (1C) This section does not apply to a distributed amount that was included in the assessable income of a taxpayer of a year of income under section 99B in relation to a trust estate if, at all times during the year of income, the trust:
 (a) was a public unit trust; and
 (b) was not a controlled foreign trust.
 (2) Subject to this section, if the original taxpayer in relation to the distributed amount of the non‑resident trust's year of income is:
 (a) a company or a natural person (other than a company or a natural person in the capacity of a trustee); or
 (c) the trustee of a public trading trust in relation to the current year of income; or
 (d) the trustee of a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust in relation to the current year of income;
the taxpayer is liable to pay interest to the Commissioner in respect of the distributed amount of the non‑resident trust's year of income, calculated under subsection (5), on the amount calculated using the formula:

where:
Distributed amount means the distributed amount of the non‑resident trust's year of income.
Applicable rate of tax has the meaning given by subsection (10).
FITO (Foreign income tax offset) means so much of any tax offset under Division 770 of the Income Tax Assessment Act 1997 to which the taxpayer is entitled as is attributable to the distributed amount of the non‑resident trust's year of income.
 (3) Subject to this section, if:
 (a) the original taxpayer in relation to the distributed amount of the non‑resident trust's year of income is the trustee of a trust estate who is liable to be assessed and pay tax under section 98, 99 or 99A in respect of a part of, or a share in, the net income of the trust estate; and
 (b) the whole or a part (which whole or part is in this subsection called the taxpayer's portion of the distributed amount of the non‑resident trust's year of income) of the part or share of the net income is attributable to the distributed amount of the non‑resident trust's year of income;
the taxpayer