S 95AAA inserted by No 62 of 2011, s 3 and Sch 2 item 1, effective 29 June 2011. No 62 of 2011, s 3 and Sch 2 item 51 (as amended by No 84 of 2013 and No 53 of 2016) contains the following application provisions:
51 Application provision
(1)
Subject to this item, the amendments made by this Schedule apply to assessments for the 2010-11 income year and later income years.
Early balancers and the 2010-11 income year
(2)
Subitems (3) and (4) apply in relation to a trust whose 2010-11 income year started before 1 July 2010.
(3)
The amendments made by this Schedule do not apply to an assessment for the 2010-11 income year unless the trustee of the trust makes a choice in accordance with subitem (4).
(4)
A choice mentioned in subitem (3):
(a)
can only be made before the end of 2 months after the commencement of this item; and
(b)
can only be made in writing.
MITs and the 2010-11, 2011-12, 2012-13, 2013-14, 2014-15, 2015-16 and 2016-17 income years
(5)
Subitems (6) and (7) apply in relation to an entity that:
(a)
is a managed investment trust in relation to an income year; or
(b)
is treated in the same way as a managed investment trust in relation to an income year for the purposes of Division
275
of the
Income Tax Assessment Act 1997
.
(6)
The amendments made by this Schedule do not apply to an assessment for an income year mentioned in paragraph (7)(c) unless the trustee of the entity makes a choice in accordance with subitem (7) in relation to the income year or an earlier income year.
History
S 51(6) substituted by No 84 of 2013, s 3 and Sch 4 item 2, effective 28 June 2013. S 51(6) formerly read:
(6)
If the income year is the 2010-11 or 2011-12 income year, the amendments made by this Schedule do not apply to an assessment for the income year unless:
(a)
the trustee of the entity makes a choice in accordance with subitem (7) in relation to the income year; or
(b)
in the case of the 2011-12 income year
-
the trustee of the entity made a choice in accordance with subitem (7) in relation to the 2010-11 income year.
(7)
A choice mentioned in subitem (6):
(a)
can only be made before the end of 2 months after the later of:
(i)
the end of the income year in relation to which the choice is made; and
(ii)
the commencement of:
(A)
if that income year is the 2010-11, 2011-12, 2012-13 or 2013-14 income year
-
Schedule 2 to the
Tax Laws Amendment (2011 Measures No 5) Act 2011
; or
(B)
if that income year is the 2014-15, 2015-16 or 2016-17 income year
-
Schedule 8 to the
Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016
; and
(b)
can only be made in writing; and
(c)
can only be made in relation to the following income years:
(i)
the 2010-11 income year;
(ii)
the 2011-12 income year;
(iii)
the 2012-13 income year;
(iv)
the 2013-14 income year;
(v)
the 2014-15 income year;
(vi)
the 2015-16 income year;
(vii)
the 2016-17 income year.
History
S 51(7) substituted by No 53 of 2016, s 3 and Sch 8 item 5, effective 5 May 2016. S 51(7) formerly read:
(7)
A choice mentioned in subitem (6):
(a)
can only be made before the end of 2 months after the later of:
(i)
the end of the income year in relation to which the choice is made; and
(ii)
the commencement of this item; and
(b)
can only be made in writing; and
(c)
can only be made in relation to the following income years:
(i)
the 2010-11 income year;
(ii)
the 2011-12 income year;
(iii)
the 2012-13 income year;
(iv)
the 2013-14 income year.
S 51(7) amended by No 84 of 2013, s 3 and Sch 4 item 3, by inserting para (c), effective 28 June 2013.
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