Document ID: chunk:federal_register_of_legislation:C2004A00636:clause:1_9
Version: federal_register_of_legislation:C2004A00636
Segment Type: clause
Provision Reference: sch 1 cl 9
Character Range: 6338–7054

9  Subsection 45‑280(2) in Schedule 1
Repeal the subsection, substitute:

 (2) For the purposes of the formula in subsection (1):

your assessable income from the trust for the last income year means so much of a share of the trust's net income for an income year as:
 (a) Division 6 of Part III of the Income Tax Assessment Act 1936 included in your assessable income for the most recent income year:
 (i) that ended before the start of the current period; and
 (ii) for which you have an assessment, or for which the Commissioner has notified you that you do not have a taxable income; and
 (b) is not attributable to a *capital gain made by the trust.

Note: For exceptions to paragraph (b), see section 45‑290.