Document ID: chunk:federal_register_of_legislation:C2025C00014:section:97:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 97 (pt 1/2)
Character Range: 640296–642845

97  Beneficiary not under any legal disability
 (1) Subject to Division 6D, where a beneficiary of a trust estate who is not under any legal disability is presently entitled to a share of the income of the trust estate:
 (a) the assessable income of the beneficiary shall include:
 (i) so much of that share of the net income of the trust estate as is attributable to a period when the beneficiary was a resident; and
 (ii) so much of that share of the net income of the trust estate as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia; and
 (b) the exempt income of the beneficiary shall include:
 (i) so much of the individual interest of the beneficiary in the exempt income of the trust estate as is attributable to a period when the beneficiary was a resident; and
 (ii) so much of the individual interest of the beneficiary in the exempt income of the trust estate as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia;
  except to the extent to which the exempt income to which that individual interest relates was taken into account in calculating the net income of the trust estate; and
 (c) the non‑assessable non‑exempt income of the beneficiary shall include:
 (i) so much of the individual interest of the beneficiary in the non‑assessable non‑exempt income of the trust estate as is attributable to a period when the beneficiary was a resident; and
 (ii) so much of the individual interest of the beneficiary in the non‑assessable non‑exempt income of the trust estate as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia.
 (2) A reference in this section to income of a trust estate to which a beneficiary is presently entitled shall be read as not including a reference to income of a trust estate:
 (a) to which a beneficiary is deemed to be presently entitled by virtue of the operation of subsection 95A(2) where the beneficiary:
 (i) is a natural person;
 (ii) is a resident at the end of the year of income;
 (iii) is not, in respect of that income, a beneficiary in the capacity of a trustee of another trust estate; and
 (iv) is not a beneficiary to whom subsection 97A(1) or (1A) applies in relation to the year of income; or
 (b) to which a beneficiary is presently entitled where the beneficiary:
 (i) is a non‑resident at the end of the year of income;
 (ii) is not a beneficiary to whom subsection (3) of this section or