Tax Laws Amendment (2011 Measures No. 5) Act 2011 (62 of 2011)
Schedule 2 Interim changes to the taxation of trust income
Part 1 Main amendments
Income Tax Assessment Act 1997
17 Subsection 115-230(4)
Repeal the subsection, substitute:
Consequences if trustee makes choice
(4) These are the consequences if the trustee makes a choice that this subsection applies in respect of a *capital gain:
(a) sections 115-215 and 115-220 do not apply in relation to the capital gain;
(b) for the purposes of this Act, the trustee is taken to be *specifically entitled to all of the capital gain.