Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102t:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102T (pt 1/4)
Character Range: 854612–857273

102T  Modified application of Act in relation to certain unit trusts
 (1) For the purpose of the application of this Act in relation to the imposition, assessment and collection of tax in respect of:
 (a) the net income of a public trading trust; and
 (b) the income or assessable income of a unitholder in a prescribed trust estate;
the following provisions of this section have effect.
Note: Under Subdivision 713‑C of the Income Tax Assessment Act 1997, this Act applies differently in relation to a public trading trust that chooses to form a consolidated group.
 (3) For the purposes of the application of sections 46A and 46B in accordance with subsection (2), the Commissioner may be satisfied, in relation to a unit trust dividend, that a transaction, operation, undertaking, scheme or arrangement was by way of dividend stripping or similar to a transaction, operation, undertaking, scheme or arrangement by way of dividend stripping if the Commissioner would have been satisfied, had the unit trust dividend been a dividend paid by a company, that the transaction, operation, undertaking, scheme or arrangement would have been a transaction, operation, undertaking, scheme or arrangement by way of dividend stripping or, as the case requires, would have been similar to a transaction, operation, undertaking, scheme or arrangement by way of dividend stripping.
 (6) For the purposes of the application of the definition of year of income in subsection 6(1), the reference in that definition to a company (except a company in the capacity of a trustee) shall be read as including a reference to a public trading trust or, as the context requires, to the trustee of a public trading trust.
 (7) A reference in the definition of person in subsection 6(1) to a company shall be read as including a reference to a public trading trust or, as the context requires, to the trustee of a public trading trust.
 (8) The reference in section 158 to the taxable income of a company except income in respect of which it is assessable as trustee shall be read as including a reference to the net income of a public trading trust.
 (9) A reference in section 355‑35 of the Income Tax Assessment Act 1997 to a body corporate is to be read as including a reference to a body corporate acting in its capacity as trustee of a public trading trust.
 (11) A reference in subsection 44(1) or section 128B of this Act, in subsection 840‑805(3) of the Income Tax Assessment Act 1997, in Subdivision 12‑F in Schedule 1 to the Taxation Administration Act 1953 (except section 12‑225) or in subsection 12‑390(10) in that Schedule, to a company or to a company that is a resident