Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p12
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 12/18)
Character Range: 5456437–5458932

and
 (d) if the trust had income of the trust for the income year, you would have been presently entitled to a share of the income of the trust.

Primary production business carried on by a non‑fixed trust with no income of the trust
 (4) You satisfy the requirements in this subsection if you do not satisfy the requirements in subsection (3) and you are a chosen beneficiary of the trust referred to in subsection (1) for the purposes of section 392‑22 for the income year.

Public trading trusts
 (5) You are not taken to carry on a *primary production business carried on by the trustee of a public trading trust (as defined in section 102R of the Income Tax Assessment Act 1936, which deals with public trading trusts).

392‑22  Trustee may choose that a beneficiary is a chosen beneficiary of the trust
 (1) The trustee of a trust may choose that a beneficiary of the trust is a chosen beneficiary of the trust for an income year if the trust does not have income of the trust for the income year to which a beneficiary of the trust could be presently entitled.
 (2) The maximum number of choices that the trustee may make in respect of the trust for an income year is the higher of:
 (a) the number of individuals that were taken to be carrying on a *primary production business carried on by the trust under subsection 392‑20(1) in the income year immediately before the current income year; and
 (b) 12.
 (3) A choice made under subsection (1) must be:
 (a) in writing; and
 (b) signed by the trustee and the person chosen.
 (4) The trustee can make the choice no later than the time it lodges the trust's *income tax return for the income year to which the choice relates. However, the Commissioner can allow the trustee to make a choice at a later time.
 (5) A choice cannot be revoked or varied.

392‑25  Choosing not to have your income tax averaged
 (1) You can choose that this Division (except this section) not apply to your assessment for an income year. If you make this choice, this Division (except this section) does not apply to your assessment for the income year or any of the next 9 income years.
 (1A) Your choice must not cover any income year that a previous choice of yours has already covered.
 (2) You must make your choice in writing and give it to the Commissioner by the time you lodge your *income tax return for the income year to which your choice relates. However, the Commissioner may allow you to give the choice later.
 (3) Your choice cannot be revoked