INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VII - PENALTY TAX  

SECTION 226T   PENALTY TAX BECAUSE OF UNARGUABLE POSITION OF TRUSTEE ABOUT SCHEME  

226T(1)   [Trustee's tax shortfall]  

If:

(a) a trustee of a trust estate makes an estate taxation statement; and

(b) that statement treated an income tax law as applying in relation to a scheme in a particular way; and

(c) a taxpayer who is or has been a beneficiary of the estate has an estate shortfall excess for a year in relation to the statement; and

(d) the scheme was a tax avoidance scheme within the meaning of section 224 ;

then:

(e) the excess is a tax shortfall of the trustee for that year to which section 226L applies; and

(f) for the purposes of section 226L the statement referred to in paragraph 226L(e) is taken to be the statement referred to in paragraph (a).

226T(2)   [Taxpayer in capacity of trustee]  

Subsection (1) does not mean that a reference in this Part to a taxpayer does not include a reference to a taxpayer in the capacity of a trustee.