Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 6AAA - Special provisions relating to non-resident trust estates etc.  

Subdivision D - Accruals system of taxation of certain non-resident trust estates  

SECTION 102AAZE  

102AAZE   ACCRUALS SYSTEM OF TAXATION DOES NOT APPLY TO SMALL AMOUNTS  

An amount is not to be included in the assessable income of the taxpayer of a year of income under section 102AAZD in relation to a trust estate that is a listed country trust estate in relation to the year of income if the amount obtained by:

(a) identifying each trust estate in relation to which the taxpayer is an attributable taxpayer in relation to the year of income; and

(b) calculating the attributable income of the year of income of each such trust estate; and

(c) adding the amounts calculated under paragraph (b);

does not exceed the lesser of the following amounts:

(d) $20,000;

(e) 10% of the total of the net incomes of each of those trust estates of the year of income.