Document ID: chunk:federal_register_of_legislation:C2024C00267:section:4:p18
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 4 (pt 18/64)
Character Range: 747932–750639

Act 1936 to the beneficiary, replace the references in that Division to share of the net income with references to share of the pre‑2012 non‑IMR net income (within the meaning of subsection 842‑240(1) of the Income Tax (Transitional Provisions) Act 1997); and
 (b) for the purposes of applying subsections 98A(1) and (3) of Division 6 of Part III of the Income Tax Assessment Act 1936 to the beneficiary, replace the references in those subsections to individual interest of the beneficiary in the net income with references to individual interest of the beneficiary in the pre‑2012 non‑IMR net income (within the meaning of subsection 842‑240(1) of the Income Tax (Transitional Provisions) Act 1997); and
 (c) for the purposes of applying Division 6E of Part III of the Income Tax Assessment Act 1936 to the beneficiary, replace the references in that Division to Division 6E net income with references to pre‑2012 non‑IMR Division 6E net income (within the meaning of subsection 842‑240(2) of the Income Tax (Transitional Provisions) Act 1997); and
 (d) in applying subsection 115‑215(3) of the Income Tax Assessment Act 1997 to the beneficiary, replace the reference in that subsection to each capital gain of the trust estate with a reference to each capital gain of the trust estate that is a pre‑2012 non‑IMR net capital gain (or is referable to a pre‑2012 non‑IMR net capital gain of the trust estate) (within the meaning of subsection 842‑240(3) of the Income Tax (Transitional Provisions) Act 1997); and
 (e) in applying section 115‑225 of the Income Tax Assessment Act 1997 to the beneficiary:
 (i) replace references in that section to net income of the trust estate with references to pre‑2012 non‑IMR net income of the trust estate (within the meaning of subsection 842‑240(1) of the Income Tax (Transitional Provisions) Act 1997); and
 (ii) replace the reference in that section to net capital gain (if any) with a reference to pre‑2012 non‑IMR net capital gain (if any) (within the meaning of subsection 842‑240(3) of the Income Tax (Transitional Provisions) Act 1997).
 (4) For the purposes of applying paragraph 115‑225(1)(a) of the Income Tax Assessment Act 1997 to the beneficiary in respect of the income year:
 (a) disregard a capital gain of the trust to the extent the capital gain is a pre‑2012 IMR capital gain (or is referable to a pre‑2012 IMR capital gain of the fund); and
 (b) disregard a pre‑2012 IMR capital loss of the trust for the purposes of determining the amount of the capital gain remaining after applying steps 1 to 4 of the method statement in subsection 102‑5(1) of that Act; and
 (c) disregard a net capital loss of the trust to the extent that it is attributable