Document ID: chunk:federal_register_of_legislation:C2025C00014:section:460:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 460 (pt 2/2)
Character Range: 2115975–2117940

it were recalculated on the following assumptions:
 (i) sections 97, 98A and 100 applied only to so much of the beneficiary's share of the net income of the Australian trust or the ultimate trust as is attributable to periods when the beneficiary was a Part X Australian resident;
 (ii) Subdivision 115‑C of the Income Tax Assessment Act 1997 applied only to so much of the beneficiary's share of each capital gain of the Australian trust or the ultimate trust as is attributable to periods when the beneficiary was a Part X Australian resident;
 (iii) Subdivision 207‑B of the Income Tax Assessment Act 1997 applied only to so much of the beneficiary's share of each franked distribution of the Australian trust or the ultimate trust as is attributable to periods when the beneficiary was a Part X Australian resident;
then, for the purposes of this Act, the tax detriment is taken to be reduced by that amount.
 (4) Where:
 (a) as a result of the amount being included as mentioned in subsection (1), there is, apart from this subsection, a tax detriment for:
 (i) the trustee of the Australian trust; or
 (ii) the trustee of another trust (in this subsection called the ultimate trust), where the tax detriment occurred because there were one or more partnerships or trusts (but not companies) interposed between the trustee and the Australian partnership or the Australian trust; and
 (b) the tax detriment would be reduced by an amount if it were recalculated on the assumption that:
 (i) section 98 applied only to so much of a beneficiary's share of the net income of the Australian trust or the ultimate trust as is attributable to periods when the beneficiary was a Part X Australian resident; and
 (ii) sections 99 and 99A applied only to the Australian trust or the ultimate trust if it were a resident trust estate within the meaning of Division 6 of Part III;
then, for the purposes of this Act, the tax detriment is taken to be reduced by that amount.