Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 6AAA - Special provisions relating to non-resident trust estates etc.  

Subdivision D - Accruals system of taxation of certain non-resident trust estates  

SECTION 102AAZBA  

102AAZBA   MODIFIED APPLICATION OF CGT - EFFECT OF CERTAIN CHANGES OF RESIDENCE  

For the purposes of applying this Act in calculating the attributable income of a trust estate of a year of income (in this section called the attributable income year ), where:

(a) disregarding the assumption in paragraph 102AAZB(b) , at any time (in this section called the residence-change time ) during the attributable income year or an earlier year of income, the trust estate ceased to be a resident trust for CGT purposes and became a non-resident trust estate; and

(b) the trust estate owned a CGT asset at the residence-change time; and

(c) a CGT event happens in relation to the asset during the attributable income year; and

(d) section 104-170 of the Income Tax Assessment Act 1997 (CGT event I2) applies to the asset in respect of the change of residence for the purposes of the application of this Act apart from this Subdivision;

then sections 411 to 414 (inclusive) apply to the asset as if:

(e) those sections had effect for the purposes of calculating attributable income under this Subdivision instead of Part X ; and

(f) any reference in those sections to an eligible CFC were a reference to the trust estate; and

(g) any reference in those sections to a commencing day asset were a reference to the asset; and

(h) any reference in those sections relating to the eligible CFC's commencing day or the day following the eligible CFC's commencing day were a reference relating respectively to the residence-change time or a time immediately after the residence-change time; and

(j) subsections 412(2) and (3) , and paragraphs 414(3)(b) and (4)(b) , referred only to the market value of the asset concerned.