Income Tax Assessment Act 1936

Div 6D inserted by No 70 of 1999.

Subdiv C heading substituted by No 143 of 2007 , s 3 and Sch 4 item 18, applicable to the first income year starting on or after 24 September 2007 and later income years. The heading formerly read:

Subdivision C - Ultimate beneficiary non-disclosure tax on share of net income

Subdiv C inserted by No 70 of 1999.

S 102UK(1) amended by No 95 of 2019, s 3 and Sch 4 item 3, by inserting para (ca), effective 1 January 2020 and applicable in relation to years of income starting on or after 1 July 2019.

S 102UK(1), (1A), (1B), (2) and (2A) substituted for s 102UK(1), (2) and (2A) by No 143 of 2007 , s 3 and Sch 4 item 19, applicable to the first income year starting on or after 24 September 2007 and later income years. S 102UK(1) formerly read:

102UK(1)
Subject to subsection (2A), this section applies if:

(a) a share of the net income of a closely held trust for a year of income is included in the assessable income of a trustee beneficiary of the trust under section 97 ; and

(b) there are one or more ultimate beneficiaries in respect of the whole or a part of the share of the net income; and

(c) during the UB statement period in relation to the year of income, the trustee of the closely held trust does not make and give to the Commissioner a correct UB statement about the whole or the part of the share.

S 102UK(1) amended by No 43 of 2000.

S 102UK(1), (1A), (1B), (2) and (2A) substituted for s 102UK(1), (2) and (2A) by No 143 of 2007 , s 3 and Sch 4 item 19, applicable to the first income year starting on or after 24 September 2007 and later income years.

S 102UK(1), (1A), (1B), (2) and (2A) substituted for s 102UK(1), (2) and (2A) by No 143 of 2007 , s 3 and Sch 4 item 19, applicable to the first income year starting on or after 24 September 2007 and later income years.

S 102UK(1), (1A), (1B), (2) and (2A) substituted for s 102UK(1), (2) and (2A) by No 143 of 2007 , s 3 and Sch 4 item 19, applicable to the first income year starting on or after 24 September 2007 and later income years. S 102UK(2) formerly read:

102UK(2) Consequences of section applying.  

If this section applies:

(a) either:

(i) if the trustee of the closely held trust is the only person in the trustee group (see subsection (3)) - the trustee is liable to pay tax; or

(ii) if the trustee of the closely held trust is not the only person in the trustee group - the persons in the trustee group are jointly and severally liable to pay tax;

as imposed by the A New Tax System (Ultimate Beneficiary Non-disclosure Tax) Act (No. 1) 1999 , on the whole or the part of the share of the net income, other than on any amount in respect of which the trustee did make and give to the Commissioner a correct UB statement during the UB statement period; and

Note:

Provisions dealing with the payment etc. of the tax under paragraph (a) (known as ultimate beneficiary non-disclosure tax) are set out in Subdivision D.

(b) except for the purposes of sections 99 , 99A and 99B and this Division, so much of the share of the net income as is covered by paragraph (a) is not included in the assessable income of the trustee beneficiary under section 97 .

S 102UK(1), (1A), (1B), (2) and (2A) substituted for s 102UK(1), (2) and (2A) by No 143 of 2007 , s 3 and Sch 4 item 19, applicable to the first income year starting on or after 24 September 2007 and later income years. S 102UK(2A) formerly read:

102UK(2A) Amendment of incorrect statement.  

If:

(a) during the UB statement period in relation to a year of income, the trustee of a closely held trust makes and gives to the Commissioner a statement, that the trustee believes on reasonable grounds is a correct UB statement, about the whole or part of a share of the net income of the closely held trust; and

(b) the statement is not a correct UB statement about some or all (the amount subject to the error ) of the whole or the part of the share, with the result that, apart from this subsection, this section applies; and

(c) the trustee could not reasonably have foreseen the event that caused the statement not to be a correct UB statement; and

(d) either:

(i) before any ultimate beneficiary non-disclosure tax becomes due and payable on the amount subject to the error as a result of this section applying; or

(ii) before the end of 4 years after any such tax becomes due and payable;

the trustee advises the Commissioner in writing of any change that is necessary to make the statement a correct UB statement about the whole or part of the amount subject to the error;

this section does not apply, and is taken never to have applied, to the whole or the part of the amount subject to the error.

S 102UK(2A) inserted by No 43 of 2000.

S 102UK inserted by No 70 of 1999.