Document ID: chunk:federal_register_of_legislation:C2025C00014:section:47a:p10
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 47A (pt 10/13)
Character Range: 321973–324616

to be taken of so much of the original profits as is equal to the beneficiary's portion of the original assessable amount.
 (18) For the purposes of this section, where:
 (a) the first company has profits (in this subsection called the original profits) immediately before a distribution time for a distribution benefit in relation to the first company; and
 (b) by virtue of subsection (1), an amount (in this subsection called the original assessable amount) is included in the assessable income of a taxpayer (in this subsection called the original taxpayer) of a year of income (in this subsection called the original year of income) under section 44 in respect of the distribution payment in relation to the distribution time; and
 (c) the original taxpayer is the trustee of a trust estate or a partnership; and
 (d) the following conditions are satisfied in relation to another taxpayer (in this subsection called the actual taxpayer):
 (i) an amount is included in the assessable income of the actual taxpayer of a year of income (in this subsection called the assessment year of income) under subsection 92(1) or section 97 or 100;
 (ii) the actual taxpayer is:
 (A) a resident at any time during the assessment year of income, being 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 assessment 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 assessment year of income; or
 (E) the trustee of a trust estate who is liable to be assessed and pay tax under section 98 in respect of a share in the net income of a trust estate; or
 (F) the trustee of a trust estate who is liable to be assessed and pay tax under section 99 or 99A in respect of a part of the net income of a trust estate; or
 (G) the trustee of a trust estate where trustee beneficiary non‑disclosure tax is payable under Division 6D on the whole or part of the net income of the trust estate;
 (iii) if sub‑subparagraph (ii)(A), (B), (C) or (D) applies—the whole or a part of the amount so included in the actual taxpayer's assessable income (which whole or part is in this subsection called the actual taxpayer's portion of the original assessable amount) is attributable (either directly or indirectly through one or more interposed partnerships or trusts) to the original assessable amount;
 (iv) if sub‑subparagraph (ii)(E) applies:
 (A) the beneficiary who was