Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2:p5
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 5/18)
Character Range: 792427–795189

that is fair and reasonable having regard to:
 (a) the extent of your interest in the partnership during the current period; and
 (b) the partnership's *instalment income for the current period; and
 (c) any other relevant circumstances.

Exception for corporate limited partnerships
 (4) Your instalment income for the current period does not include an amount for a partnership that is a *corporate limited partnership for the income year that is or includes that period.
Note: Your instalment income will still include a distribution by the partnership that is ordinary income. See section 45‑120.

Subdivision 45‑I—Trust income included in instalment income of beneficiary

Table of sections
45‑280 Instalment income for a period in which you are a beneficiary of a trust
45‑285 Instalment income includes distributions by certain resident unit trusts
45‑286 Instalment income includes distributions by certain managed investment trusts
45‑287 When trusts are disqualified due to concentrated ownership
45‑288 Resident investment trusts for beneficiaries who are absolutely entitled
45‑290 Exceptions to exclusion of trust capital gains from beneficiary's instalment income

45‑280  Instalment income for a period in which you are a beneficiary of a trust
 (1) Your instalment income for a period (the current period) includes an amount for each trust of which you are a beneficiary at any time during the current period. The amount is worked out using the formula:
 (2) For the purposes of the formula in subsection (1):
your assessable income from the trust for the last income year means so much of a share of the trust's net income for an income year as:
 (a) Division 6 of Part III of the Income Tax Assessment Act 1936 included in your assessable income for the most recent income year:
 (i) that ended before the start of the current period; and
 (ii) for which you have an assessment, or for which the Commissioner has notified you that you do not have a taxable income; and
 (b) is not attributable to a *capital gain made by the trust.
Note: For exceptions to paragraph (b), see section 45‑290.
 (3) However, if for any reason the component defined in subsection (2) does not exist or is a nil amount, or the trust had no *instalment income for that income year, your instalment income for the current period includes, for that trust, an amount that is fair and reasonable having regard to:
 (a) the extent of your interest in the trust, and your interest in the income of the trust, during the current period; and
 (b) the trust's *instalment income for the current period; and
 (c) any other relevant circumstances.

Exception for corporate unit trusts and public trading trusts
 (4) Your instalment income for the current period does not include