Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102aam:p6
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102AAM (pt 6/8)
Character Range: 748432–751205

section, the extent to which an amount (in this subsection called the section 99B amount) included in the assessable income of a taxpayer of a year of income under section 99B in relation to a trust estate is attributable to an amount (in this subsection called the trust amount) covered by subparagraph (1)(b)(i) or (ii) is to be determined in accordance with the following paragraphs:
 (a) in all cases—distributions of income and profits of the trust estate are to be taken to have been made in the following order:
 (i) first, from income and profits of the earliest non‑resident year of income;
 (ii) then, successively from income and profits of successive subsequent years of income;
 (b) if subparagraph (1)(b)(i) applies—the extent to which the amount (in this paragraph called the adjusted section 99B amount), being so much of the section 99B amount as is attributable to the income and profits of the trust estate of the non‑resident trust's year of income, represents eligible designated concession income in relation to any listed country in relation to the non‑resident trust's year of income is calculated using the formula:

  where:
          Adjusted section 99B amount means the adjusted section 99B amount.
          Eligible designated concession income means the number of dollars in the amount, being so much of the income and profits of the trust estate of the non‑resident trust's year of income as represents eligible designated concession income in relation to any listed country in relation to the non‑resident trust's year of income.
          Total income means the number of dollars in the income and profits of the trust estate of the non‑resident trust's year of income.
 (c) if subparagraph (1)(b)(ii) applies—the extent to which the amount (in this paragraph called the adjusted section 99B amount), being so much of the section 99B amount as is attributable to the income and profits of the trust estate of the non‑resident trust's year of income, represents income and profits that have not been subject to tax in a listed country in a tax accounting period mentioned in that subparagraph is calculated using the formula:

  where:
          Adjusted section 99B amount means the adjusted section 99B amount.
          Untaxed income means the number of dollars in the amount, being so much of the income and profits of the trust estate of the non‑resident trust's year of income as is not subject to tax in any listed country in a tax accounting period mentioned in that subparagraph.
          Total income means the number of dollars in the income and profits of the trust estate of the non‑resident trust's year of income.
 (8) For the purposes of subsection (7), an amount of income or profits of a trust estate is to be taken