New Business Tax System (Debt and Equity) Act 2001 (163 of 2001)

Schedule 1   Debt and equity interests

Part 2   Amendment of the Income Tax Assessment Act 1936

Income Tax Assessment Act 1936

75   At the end of section 102L

Add:

Non-unit dividend

(20) Subsections (2), (3), (3A) and (19) apply as if references in those subsections to a unit trust dividend included a reference to a non-unit dividend.

(21) For the purposes of subsection 44(1), a non-unit dividend paid by the trustee of a prescribed trust estate out of corpus of the trust estate is taken, to the extent to which the non-unit dividend is attributable to a source in Australia, to be derived from a source in Australia.

(22) If a provision of this Act that applies to a dividend:

(a) is taken under this section to apply to a unit trust dividend; and

(b) applies to a non-share dividend in the same way as it applies to a dividend;

that provision also applies to a non-unit dividend in the same way as it applies to a dividend.

Non-unit equity interest

(23) If a provision of this Act that applies to a share:

(a) is taken under this section to apply to a unit in a corporate unit trust; and

(b) applies to a non-share equity interest in a company in the same way as it applies to a share;

that provision also applies to a non-unit equity interest in a corporate unit trust in the same way as it applies to a share.

Equity holder

(24) Subsections (1), (2), (17) and (19) apply as if references in those subsections to a unitholder included a reference to an equity holder who is not a unitholder.

(25) If a provision of this Act that applies to a shareholder:

(a) is taken because of this section to apply to a unitholder in a corporate unit trust; and

(b) applies to an equity holder in a company who is not a shareholder in the same way as it applies to a shareholder;

that provision also applies to an equity holder in a corporate unit trust who is not a unitholder in the same way as it applies to a shareholder.

Definitions

(26) In this section:

equity holder in a prescribed trust estate means the holder of an equity interest in the prescribed trust estate.

equity interest in a prescribed trust estate means:

(a) a unit in the prescribed trust estate; or

(b) any other interest that would be an equity interest in the prescribed trust estate if references in Division 974 of the Income Tax Assessment Act 1997 to a company included references to a prescribed trust estate or, as the context requires, to the trustee of a prescribed trust estate.

non-unit dividend means a unit trust distribution that is not a unit trust dividend.

non-unit equity interest in a prescribed trust estate means an equity interest in the prescribed trust estate that is not a unit in the prescribed trust estate.

unit trust distribution means a distribution, or an amount credited, that would be a unit trust dividend if references in the definition of unit trust dividend in subsection 102D(1) to a unitholder were references to an equity holder.