Document ID: chunk:federal_register_of_legislation:C2025C00014:section:47a:p9
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 47A (pt 9/13)
Character Range: 319627–322204

applies:
 (i) the original taxpayer is:
 (A) a resident at any time during the original year of income; and
 (B) a company or a natural person (other than a company or a natural person in the capacity of a trustee);
 (iii) the original taxpayer is the trustee of a public trading trust in relation to the original year of income;
 (iv) the original taxpayer is the trustee of a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust in relation to the original year of income;
 (v) the original taxpayer is the trustee of a resident trust estate (within the meaning of Division 6) in relation to the year of income who is liable to be assessed and pay tax under section 99 or 99A in respect of a part of the net income of the trust estate;
then, in determining the profits that the first company has at a later time, no account is to be taken of so much of the original profits as is equal to the original assessable amount.
 (17) For the purposes of this section, where:
 (a) the first company has profits (in this subsection called the original profits) immediately before a distribution time for a distribution benefit in relation to the first company; and
 (b) by virtue of subsection (1), an amount (in this subsection called the original assessable amount) is included in the assessable income of a taxpayer (in this subsection called the original taxpayer) of a year of income (in this subsection called the original year of income) under section 44 in respect of the distribution payment in relation to the distribution time; and
 (c) all of the following conditions are satisfied:
 (i) the original taxpayer is the trustee of a trust estate who is liable to be assessed and pay tax under section 98 in respect of a share in the net income of the trust estate of the original year of income;
 (ii) the beneficiary who was entitled to that share was a resident at any time during the original year of income;
 (iii) the whole or a part (which whole or part is in this subsection called the beneficiary's portion of the original assessable amount) of the share of the net income is attributable to the original assessable amount;
then, in determining the profits that the first company has at a later time, no account is to be taken of so much of the original profits as is equal to the beneficiary's portion of the original assessable amount.
 (18) For the purposes of this section, where:
 (a) the first company has profits (in this subsection called