Taxation Administration Act 1953

Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).

Ch 2 title inserted by No 73 of 2006 , s 3 and Sch 5 item 40, effective 1 July 2006.

S 18-50 repealed by No 32 of 2008 , s 3 and Sch 1 item 52, applicable to fund payments made in relation to the first income year starting on or after the first 1 July after 23 June 2008 and later income years. S 18-50 formerly read:

SECTION 18-50 CREDIT: AMOUNT ATTRIBUTABLE TO FUND PAYMENT  
18-50(1)
This section applies to an entity if:

(a) the entity is a beneficiary of a trust and the assessable income of the entity for an income year includes an amount (the assessable amount ) under section 97, 99F or 100 of the Income Tax Assessment Act 1936 ; or

(b) the entity is a trustee of a trust and is assessed and is liable to pay tax under section 99 or 99A of that Act on an amount (also the assessable amount ) for an income year;

and an assessment has been made of the income tax payable by the entity for the income year.

18-50(2)
The assessable amount includes any amount included in the assessable income of the beneficiary because of subsection 115-215(3) of the Income Tax Assessment Act 1997 .

18-50(3)
The entity is entitled to a credit if the assessable amount is represented by or reasonably attributable to a *withholding payment from which an amount was withheld under Subdivision 12-H (about distributions to foreign residents from managed investment trusts).

18-50(4)
The amount of the credit is worked out using the formula:

Amount withheld

×

Attributable part of the payment Amount of the *withholding payment

where:

attributable part of the payment is so much of the assessable amount as is represented by or reasonably attributable to the *withholding payment.

18-50(5)
Paragraph (1)(a) does not apply to a beneficiary of a trust in relation to an amount included in the beneficiary ' s assessable income under section 97 of the Income Tax Assessment Act 1936 if the beneficiary has the amount included in the capacity of a trustee of another trust.

18-50(6)
However, subsection (5) does not stop paragraph (1)(a) applying to a trustee of:

(a) a *complying superannuation fund, a *non-complying superannuation fund, a *complying approved deposit fund, a *non-complying approved deposit fund or a *pooled superannuation trust; or

(b) a *corporate unit trust; or

(c) a *public trading trust.

S 18-50 inserted by No 79 of 2007 , s 3 and Sch 10 item 2, applicable to the first income year starting on or after the first 1 July after the day on which No 79 of 2007 receives the Royal Assent (ie 21 June 2007) and later income years.