Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 6 - Trust income  

SECTION 100   BENEFICIARY ASSESSABLE IN RESPECT OF CERTAIN TRUST INCOME  

100(1)    

The assessable income of any beneficiary who:

(a) is under a legal disability or is deemed to be presently entitled to any of the income of a trust estate by virtue of the operation of subsection 95A(2) ; and

(b) is a beneficiary in more than one trust estate or derives income from any other source;

shall include:

(c) so much of the individual interest of the beneficiary in the net income of the trust estate or of each of the trust estates as is attributable to a period when the beneficiary was a resident; and

(d) so much of the individual interest of the beneficiary in the net income of the trust estate or of each of the trust estates as is attributable to a period when the beneficiary was not a resident and is also attributed to sources in Australia.

Note:

An amount is not included in assessable income under this section to the extent that subsection 98A(3) already includes it: see subsection 98A(4) .

100(1AA)    

If an amount is included in the assessable income of a beneficiary of a trust estate because of Subdivision 115-C or 207-B of the Income Tax Assessment Act 1997 , for the purposes of paragraph (1)(b), treat the beneficiary as deriving income from another source.

100(1A)    

If:

(a) a beneficiary in a trust estate is under a legal disability or is deemed to be presently entitled to any of the income of the trust estate by virtue of the operation of subsection 95A(2) ; and

(b) the beneficiary is not a beneficiary in any other trust estate and does not derive income from any other source; and

(c) the beneficiary would receive a refund of tax offsets under Division 67 of the Income Tax Assessment Act 1997 for a particular year of income if the following amounts were included in the assessable income of the beneficiary for that year:

(i) so much of the individual interest of the beneficiary in the net income of the trust estate for that year as is attributable to a period when the beneficiary was a resident;

(ii) so much of the individual interest of the beneficiary in the net income of the trust estate for that year as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia;

then those amounts are included in the assessable income of the beneficiary for that year.

100(1B)    

If a beneficiary in a trust estate who is under a legal disability or is deemed to be presently entitled to any of the income of the trust estate by virtue of the operation of subsection 95A(2) :

(a) is a resident at the end of the year of income; and

(b) is not a beneficiary in any other trust estate and does not derive income from any other source;

the assessable income of the beneficiary includes so much of the individual interest of the beneficiary in the net income of the trust estate as is reasonably attributable to a part of the net income of another trust estate in respect of which the trustee of the other trust estate is assessed and is liable to pay tax under subsection 98(4) .

Note 2:

A credit is available under section 98B for an appropriate part of the subsection 98(4) tax.

Note 3:

An amount is not included in assessable income under this section to the extent that subsection 98A(3) already includes it: see subsection 98A(4) .

100(1C)    
If a beneficiary in a trust estate who is under a legal disability or is deemed to be presently entitled to any of the income of the trust estate by virtue of the operation of subsection 95A(2) :

(a) is a resident at the end of the year of income; and

(b) is not a beneficiary in any other trust estate and does not derive income from any other source;

the assessable income of the beneficiary includes so much of the individual interest of the beneficiary in the net income of the trust estate as is represented by or reasonably attributable to a payment from which an entity was required to withhold an amount under Subdivision 12-H in Schedule 1 to the Taxation Administration Act 1953 .

Note:

A credit is available under section 18-50 in Schedule 1 to the Taxation Administration Act 1953 for an appropriate part of the amount withheld.

100(2)    

There shall be deducted from the income tax assessed against a beneficiary to whom subsection (1) or (1A) applies (or a beneficiary under a legal disability whose assessable income is increased as a result of Subdivision 115-C or 207-B of the Income Tax Assessment Act 1997 ) the tax paid or payable by any trustee in respect of that beneficiary's interest in the net income of the trust estate.

100(3)    

However, an amount of tax is not to be deducted under subsection (2) from the income tax assessed against a beneficiary to the extent that the amount is deducted under section 98B from the income tax assessed against the beneficiary.