Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 392 - Long-term averaging of primary producers ' tax liability  

Subdivision 392-A - Is your income tax affected by averaging?  

SECTION 392-22   Trustee may choose that a beneficiary is a chosen beneficiary of the trust  

392-22(1)    
The trustee of a trust may choose that a beneficiary of the trust is a chosen beneficiary of the trust for an income year if the trust does not have income of the trust for the income year to which a beneficiary of the trust could be presently entitled.

392-22(2)    
The maximum number of choices that the trustee may make in respect of the trust for an income year is the higher of:

(a) the number of individuals that were taken to be carrying on a *primary production business carried on by the trust under subsection 392-20(1) in the income year immediately before the current income year; and

(b) 12.

392-22(3)    
A choice made under subsection (1) must be:

(a) in writing; and

(b) signed by the trustee and the person chosen.

392-22(4)    
The trustee can make the choice no later than the time it lodges the trust ' s *income tax return for the income year to which the choice relates. However, the Commissioner can allow the trustee to make a choice at a later time.

392-22(5)    
A choice cannot be revoked or varied.