Income Tax Assessment Act 1997

Div 345 repealed by No 70 of 2015, s 3 and Sch 1 item 103, effective 1 July 2015.

Div 345 inserted by No 45 of 2008, s 3 and Sch 1 item 31, effective 26 June 2008.

Subdiv 345-A repealed by No 70 of 2015, s 3 and Sch 1 item 103, effective 1 July 2015.

Subdiv 345-A inserted by No 45 of 2008, s 3 and Sch 1 item 31, effective 26 June 2008.

S 345-5 repealed by No 70 of 2015, s 3 and Sch 1 item 103, effective 1 July 2015. S 345-5 formerly read:

SECTION 345-5 FHSA provider that is trustee of FHSA trust - tax payable  
345-5(1)
The trustee of an *FHSA trust is liable to pay income tax for the *financial year on the taxable income of the trust.

345-5(2)
The amount of the tax is the amount of income tax that would be payable by the trust under section 4-10 if the trust were an *Australian resident liable (in accordance with section 4-1 ) to pay income tax for the *financial year.

345-5(3)
For the purposes of subsection (2) :

(a) apply the special rules in this Subdivision in working out the taxable income of the trust; and

(b) apply the applicable rate of tax specified in section 30 of the Income Tax Rates Act 1986 to the taxable income of the trust.

S 345-5 inserted by No 45 of 2008, s 3 and Sch 1 item 31, effective 26 June 2008.