Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p9
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 9/11)
Character Range: 5494325–5496879

the partnership.

Primary production business carried on by a trust
 (3) This Division (other than subsection 393‑17(2) and paragraph 393‑37(b)), and section 97A of the Income Tax Assessment Act 1936 (about beneficiaries who are owners of farm management deposits), apply to you as if you were an individual who is carrying on a *primary production business that is actually carried on by a trust, if you satisfy the requirements in subsection (4), (5) or (6).

Primary production business carried on by a trust with beneficiary presently entitled to income of the trust
 (4) You satisfy the requirements in this subsection if:
 (a) you are an individual and a beneficiary of the trust referred to in subsection (3); and
 (b) you are presently entitled to a share of the income of the trust for the income year.

Primary production business carried on by a fixed trust with no income of the trust
 (5) You satisfy the requirements in this subsection if:
 (a) you are an individual and a beneficiary of the trust referred to in subsection (3); and
 (b) at all times during the income year, the manner or extent to which each beneficiary of the trust can benefit from the trust is not capable of being significantly affected by the exercise, or non‑exercise, of a power; and
 (c) the trust does not have any income of the trust for the income year to which a beneficiary of the trust could be presently entitled; and
 (d) if the trust had income of the trust for the income year, you would have been presently entitled to a share of the income of the trust.

Primary production business carried on by a non‑fixed trust with no income of the trust
 (6) You satisfy the requirements in this subsection if you do not satisfy the requirements in subsection (5) and you are an individual and a chosen beneficiary of the trust referred to in subsection (3) for the purposes of section 393‑27 for the income year.

393‑27  Trustee may choose that a beneficiary is a chosen beneficiary of the trust
 (1) The trustee of a trust may choose that a beneficiary of the trust is a chosen beneficiary of the trust for an income year if the trust does not have any income of the trust for the income year to which a beneficiary of the trust could be presently entitled.
 (2) The maximum number of choices that the trustee may make in respect of the trust for an income year is the higher of:
 (a) the number of individuals to which subsection 393‑25(3) applied in the income year immediately before the current income year; and
 (b) 12.
 (3) A choice made under subsection