Document ID: chunk:federal_register_of_legislation:C2025C00014:schedule:2f:p23
Version: federal_register_of_legislation:C2025C00014
Segment Type: schedule
Provision Reference: sch 2F (pt 23/79)
Character Range: 2263245–2265835

of the family trusts meeting the requirements of paragraph 267‑85(4)(a) or (b).

Trustee knowledge
 (2) The information need not be within the knowledge of the trustee at the time the notice is given.

Period for giving information
 (3) The notice must specify a period within which the trustee is to give the information. The period must not end earlier than 21 days after the day on which the Commissioner gives the notice.

Consequence of not giving the information
 (4) If the trustee does not give the information within the period or within such further period as the Commissioner allows, the primary trust is taken not to meet, and never to have met, the condition or conditions in the conditions provision.

Application of Division 268
 (5) If, because of subsection (4), the fixed trust is required to work out under Division 268 its net income and tax loss for the income year mentioned in subsection 267‑85(2), that Division is to be applied as if Subdivision 268‑B required the income year to be divided into such periods as would result in the highest possible net income for the income year.

No offences or penalties
 (6) To avoid doubt, subsections (4) and (5) do not cause the trustee of the primary trust to commit any offence or be liable to any penalty under Part VII for deducting the amount concerned, or for not working out the trust's net income and tax loss under Division 268, in the trust's return.

Division 268—How to work out a trust's net income and tax loss for the income year

Subdivision 268‑A—Overview of Division

268‑5  What this Division is about
      This Division requires a trust's net income and tax loss to be worked out in a special way. The income year is divided into periods as the basis for the calculation.

Subdivision 268‑B—Dividing the income year into periods

268‑10  Income year of fixed trust to be divided into periods—first case
 (1) If:
 (a) a trust's net income and tax loss for the income year are required by section 266‑30 to be worked out under this Division; and
 (b) the trust did not meet the requirements of subsections 266‑45(2) and (4);
the income year is divided into periods as follows.
 (2) The first period begins at the beginning of the income year. Each later period begins immediately after the end of the previous period.
 (3) The last period ends at the end of the income year. Each period (except the last) ends at the latest time that would result in the trust passing the 50% stake test for the whole of the period.

268‑15  Income year of fixed trust to be divided into periods—second case
 (1) If:
 (a) a