Income Tax Assessment Act 1936

Div 6C inserted by No 173 of 1985.

S 102MC inserted by No 145 of 2008, s 3 and Sch 5 item 8, effective 9 December 2008 and applicable to assessments for the income year (the application year ) in which this Act receives the Royal Assent [ ie 2008/09] and later income years. No 145 of 2008, s 3 and Sch 5 item 10 contains the following transitional provision:

Transitional  
(1)
Subsections 102MB(2), (3) and (4), and section 102MC , of the Income Tax Assessment Act 1936 do not apply to a unit trust for the application year if the trustee of the trust chooses that those provisions are not to apply.

(2)
A choice the trustee can make under subitem (1) must be made by the day the trustee lodges the trustee ' s return of income for the application year.

(3)
The way the trustee prepares the trustee ' s return of income for the application year is sufficient evidence of the making of the choice.

Example:

A unit trust that would cease to be a public trading trust because of the safe harbour rule could make a choice under this provision so that it is taxed as a public trading trust for the application year.