Income Tax Assessment Act 1997

Part 3-3 inserted by No 46 of 1998.

Div 152 inserted by No 165 of 1999 (as amended by No 173 of 2000).

S 152-120 repealed by No 12 of 2012, s 3 and Sch 6 item 115, applicable in relation to CGT events that happen on or after 22 March 2012. S 152-120 formerly read:

SECTION 152-120 Discretionary trusts need not have a significant individual in a loss year or nil income year  
152-120
Paragraphs 152-105(c) and 152-110(1)(c) apply for a trust referred to in item 3 of the table in subsection 152-70(1) as if the trust had a *significant individual during an income year for which the trustee did not make a distribution of income or capital, if the trust had a *tax loss, or no taxable income, for that income year.

Note:

This is because the trust might not have had the funds to make a distribution during that income year, which would prevent it from having a significant individual in that year.

S 152-120 substituted by No 55 of 2007 , s 3 and Sch 1 item 45, applicable to CGT events happening in the 2006-07 income year or later income years. S 152-120 formerly read:

SECTION 152-120 Discretionary trusts need not have a controlling individual in a loss year  
152-120
Paragraphs 152-105(c) and 152-110(1)(c) do not apply for a trust of the kind mentioned in subsection 152-55(3) in relation to an income year during which the trust did not make a distribution of income or capital, if the trust had a *tax loss for that income year.

Note:

This is because the trust might not have had the funds to make a distribution during that income year, which would prevent it from having a controlling individual in that year.

S 152-120 inserted by No 165 of 1999 (as amended by No 173 of 2000).