Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_6:p28
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 28/63)
Character Range: 408910–411533

is paid or credited to the recipient, or is dealt with on the recipient's behalf or as the recipient directs, and:
 (a) must specify the part of the payment referred to in paragraph (4)(a) from which an amount would have been so required to have been withheld; and
 (aa) must specify the extent (if any) to which the payment is, or is attributable to, a *fund payment from a *clean building managed investment trust; and
 (ab) must specify the extent (if any) to which the payment is, or is attributable to, *non‑concessional MIT income (see section 12‑435); and
 (ac) must specify the extent (if any) to which the payment is, or is attributable to, an amount that would be non‑concessional MIT income if the following provisions were disregarded:
 (i) subsection 12‑437(5);
 (ii) sections 12‑440, 12‑447, 12‑449 and 12‑451; and
 (ad) must specify the extent (if any) to which the payment is, or is attributable to, an amount that would be non‑concessional MIT income only if subsection 12‑450(5) were disregarded; and
 (b) must specify the income year of the *withholding MIT to which that part relates.
Note: Failure to give the notice or make the details available as required by this section incurs an administrative penalty: see section 12‑415.

12‑405  Meaning of fund payment—general case
 (1) The object of this section is to ensure that the total of the *fund payments that the trustee of a trust makes in relation to an income year equals, as nearly as practicable, the net income of the trust for the income year, disregarding these amounts (excluded amounts):
 (a) a dividend (as defined in Division 11A of Part III of the Income Tax Assessment Act 1936) that is subject to, or exempted from, a requirement to withhold under Subdivision 12‑F;
 (b) interest (as so defined) that is subject to, or exempted from, such a requirement;
 (c) a *royalty that is subject to, or exempted from, such a requirement;
 (d) a *capital gain or *capital loss from a *CGT event that happens in relation to a *CGT asset that is not *taxable Australian property;
 (e) amounts that are not from an *Australian source;
and disregarding deductions relating to excluded amounts.
 (1A) This section applies to a trust that is not an *AMIT for an income year.
Note: For the definition of fund payment in respect of a trust that is an AMIT for an income year, see section 12A‑110.
 (2) Work out as follows how much of a payment (the actual payment) made by the trustee of a trust in relation to an income year is a fund payment in relation to that year:

      Method statement
           Step 1. Reduce the actual payment by so much of