Income Tax Assessment Act 1936
If a trust ' s net income and tax loss for the income year are required by section 267-60 to be worked out under this Division, the income year is divided into periods as follows.
268-25(2)
The first period begins at the beginning of the income year. Each later period begins immediately after the end of the previous period.
268-25(3)
The last period ends at the end of the income year.
268-25(4)
If the condition in subsection 267-70(2) applies but the trust does not meet the condition, each period (except the last) ends at the earlier of:
(a) the latest time, after the test time mentioned in that section, that would result in the same individuals having more than a 50% stake in the income or the capital, as the case requires, of the trust during the whole of the period; or
(b) the earliest time when a group begins to control the trust directly or indirectly.
268-25(5)
If the condition in subsection 267-70(2) does not apply, or does apply and the trust meets the condition, each period (except the last) ends at the earliest time when a group begins to control the trust directly or indirectly.
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