Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 195 - Special types of company  

Subdivision 195-C - Corporate collective investment vehicles  

Operative provisions

SECTION 195-125   When a beneficiary of a CCIV sub-fund trust is presently entitled to trust income  

195-125(1)    
A *beneficiary of a *CCIV sub-fund trust is taken to be presently entitled to a share of the income of the trust estate for an income year if any of the *sub-fund ' s profit for the income year was or is payable to the beneficiary by way of one or more *dividends declared during, or within 3 months after, the income year.

195-125(2)    
That share consists of so much of that profit as was or is payable to the beneficiary by way of one or more such *dividends.

Note:

To the extent that any of that profit is not payable to a beneficiary by way of such dividends, it will be income to which no beneficiary is presently entitled. This can have consequences under section 99 or 99A of the Income Tax Assessment Act 1936 .

195-125(3)    
Within 3 months after the end of the income year, the *CCIV must notify the *beneficiary, in the *approved form, of the following matters:

(a)    whether the beneficiary is presently entitled to a share of the income of the trust estate for the income year and, if so, the amount of that share;

(b)    for each *dividend that was declared during, or within 3 months after, the income year on *shares referable to the *sub-fund, and was or is payable to the beneficiary:

(i) the amount of the dividend; and

(ii) how much of the dividend consists of any of the *sub-fund ' s profit for the income year.

Note:

Failure to comply with this section may constitute an offence against subsection 8C(1) of the Taxation Administration Act 1953 .

195-125(4)    
For the purposes of this section, an amount is taken to be payable to the *beneficiary if it is required to be applied or dealt with in any way on the beneficiary ' s behalf or as the beneficiary directs.

195-125(5)    
Except as provided in this section, a *beneficiary of a *CCIV sub-fund trust is not taken to be presently entitled to a share of income of the trust estate.