Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:11_5
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 11 cl 5
Character Range: 134960–135891

5  Subitem 22(5) of Schedule 1
Repeal the subitem, substitute:

(5) If:
 (a) a family trust election does specify the qualifying year of income in accordance with this item; and
 (b) the trust concerned is not prevented by the trust loss etc. Schedule from deducting a tax loss, or an amount in respect of a debt, and is not required to work out its net income and tax loss under Division 268 of that Schedule in:
 (i) if the qualifying year is the 1996‑97 year of income—that year of income, the 1997‑98 year of income or both (the excluded period); or
 (ii) if the qualifying year mentioned in that subitem is the 1997‑98 year of income—that year of income (also the excluded period);
no liability to pay family trust distribution tax arises under Division 271 of the trust loss etc. Schedule in respect of a conferral of a present entitlement to, or a distribution of, income or capital that took place in the excluded period.