Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2:p9
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 9/13)
Character Range: 849306–851872

the net income of the trust, as worked out for the purposes of the *base assessment and:
 (a) reduced by any *net capital gain included in the trust's assessable income as so worked out; and
 (b) increased by any deductions for *tax losses that were made in so working out that net income; and
 (c) reduced by the amount of any tax loss, to the extent that it is *unutilised at the end of the *base year.
reduced net income of the trust means the net income of the trust, as worked out for the purposes of the *base assessment and reduced by any *net capital gain included in the trust's assessable income as so worked out.
relevant share means the *reduced beneficiary's share, or the *reduced no beneficiary's share, as appropriate, of the net income of the trust, as worked out for the purposes of the *base assessment.

45‑483  Meaning of reduced beneficiary's share and reduced no beneficiary's share
 (1) If the trustee of a trust is liable to be assessed, and to pay tax, for an income year under subsection 98(1) or (2) of the Income Tax Assessment Act 1936 in respect of a particular beneficiary, the reduced beneficiary's share of the net income is the amount on which the trustee is so liable to be assessed and to pay tax, except so much of that amount as is attributable to a *net capital gain included in the trust's assessable income for that income year.
 (2) If the trustee of a trust is liable to be assessed, and to pay tax, for an income year under section 99 or 99A of the Income Tax Assessment Act 1936, the reduced no beneficiary's share of the net income is the amount on which the trustee is so liable to be assessed and to pay tax, except so much of that amount as is attributable to a *capital gain made by the trust during that income year.

45‑485  Working out your adjusted withholding income
 (1) Your adjusted withholding income for the *base year is worked out using the formula:
 (2) For the purposes of the formula in subsection (1):
net withholding income of the trust means:
 • the total of the amounts included in the trust's assessable income for the *base assessment in respect of *withholding payments (except *non‑quotation withholding payments);
reduced by:
 • the trust's deductions for that year, as used in making that assessment, to the extent that they reasonably relate to those amounts.
reduced net income of the trust has the meaning given by subsection 45‑480(2).
relevant share has the meaning given by subsection 45‑480(2).

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