Income Tax Assessment Act 1997
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Hide history noteSECTION 713-140 Modifications of the applied law
Overview
713-140(1)
This section describes modifications of the applied law in its application in relation to a trust or trustee under section 713-135 , but does not limit the modifications of that law that are appropriate for the purposes of that section.
General modifications
713-140(2)
A reference in the applied law to a thing or person described in column 2 of an item of the table includes a reference to a thing or person described in column 3 of the item.
| General modifications | ||
|
Column 1
Item |
Column 2
A reference in the applied law to: |
Column 3
Includes a reference to: |
| 1 | A body corporate | The trust or trustee (as appropriate) |
| 2 | A dividend | A distribution from the trust, so far as the distribution is from profits |
| 3 | A share capital account | The amount of the trust estate that is not attributable to profits |
| 4 | A director (of a company, body corporate or corporation) | The trustee or, if the trustee is a body corporate, a director of the trustee (as appropriate) |
Note:
An expression in column 2 of an item of the table has the meaning that the expression has in the provision of the applied law containing the reference.
713-140(3)
The trust is not covered by a reference in the applied law to a trust.
Note:
Subsections (3) and (4) of this section do not affect an entity ' s liability for criminal, civil and administrative penalties under the applied law, as those subsections modify (so far as appropriate) the applied law as it applies because of subsection 713-135(1) , and that subsection does not affect liability for such penalties (see subsection 713-135(3) ).
713-140(4)
The trustee is not covered by a reference in the applied law to a trustee (except a reference in section 254 of the Income Tax Assessment Act 1936 ).
Note:
Section 254 of the Income Tax Assessment Act 1936 deals with obligations and liabilities of trustees.
Modifications of specific provisions
713-140(5)
A provision of an Act identified in an item of the table is modified as set out in the item.
| Modifications of specific provisions | |||
| Item | Act(s) | Provision | Modification |
| 1 | (Repealed by No 23 of 2018) | ||
| 2 | (Repealed by No 23 of 2018) | ||
| 3 | Income Tax Assessment Act 1997 | Division 83A | The Division does not apply in relation to an *ESS interest acquired under an *employee share scheme before the day specified in the choice if the Division did not apply in relation to the interest before that day. |
| 4 | Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 | Part 3-90 (of each Act) | The Part has effect as if an entity were a *wholly-owned subsidiary of the trust if the entity would have been one had the trustee owned beneficially *membership interests in the entity that the trustee owned legally. |
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