Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p14
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 14/18)
Character Range: 7508434–7511120

paragraph:
 (a) if paragraph (2)(a) applies—disregard the phrase "(but not a beneficiary in the capacity of a trustee of another trust)" in paragraph (2)(c); or
 (b) if paragraph (3)(b) applies—disregard the phrase "(but not a beneficiary in the capacity of a trustee of another trust)" in paragraph (3)(c); or
 (c) if paragraph (4)(b) applies—disregard paragraph (4)(c).
 (4E) If:
 (a) a trustee of a trust is liable to pay income tax on a fund payment part (a taxed part) because of the operation of subsection (4D); and
 (b) you are a beneficiary of the trust and are presently entitled to a share of the income or capital of the trust;
then, in working out for the purposes of paragraph (4)(b) whether all or part of that share is reasonably attributable to a payment that is a *fund payment, disregard the taxed part.

Entitlement to capital of a trust
 (5) For the purposes of this section, section 95A of the Income Tax Assessment Act 1936 applies in relation to capital of a trust in the same way as it applies to income of the trust.

Exception—Australian permanent establishments
 (6) This section does not apply to you if:
 (a) you are paid the fund payment part, or it is applied or dealt with as you direct; or
 (b) you become presently entitled to it;
in the course of a *business you carry on at or through an *Australian permanent establishment.

Exception—distributions on carried interests
 (7) Subsections (2) and (3) do not apply to you to the extent that the fund payment part:
 (a) is included in your assessable income under subsection 275‑200(2) (Gains etc. from carried interests) for the income year because you hold or held a *CGT asset that carries an entitlement to a distribution mentioned in subsection 275‑200(2); or
 (b) would be so included if subsection 275‑200(3) were disregarded.
 (8) Subsection (4) does not apply to you to the extent that the fund payment part:
 (a) is attributable to an amount included in the net income of the trust mentioned in that subsection because of subsection 275‑200(2) (Gains etc. from carried interests) for the income year because the trust holds or held a *CGT asset that carries an entitlement to a distribution mentioned in subsection 275‑200(2); or
 (b) would be so included if subsection 275‑200(3) were disregarded.
 (9) Subsections (2), (3) and (4) do not apply to you to the extent that the fund payment part relates to an amount that is *non‑assessable non‑exempt income of yours because of:
 (a) Division 880; or
 (b) Division 880 of the Income Tax (Transitional Provisions) Act 1997.

840‑810  When managed investment trust withholding tax is payable
 (1) *Managed investment trust withholding tax is due