Tax Laws Amendment (2011 Measures No. 5) Act 2011 (62 of 2011)

Schedule 2   Interim changes to the taxation of trust income

Part 2   Consequential amendments

Income Tax Assessment Act 1936

43   After paragraph 365(1)(c)

Insert:

(ca) where a beneficiary of a trust is specifically entitled to an amount of a capital gain or a franked distribution of the trust for a year of income:

(i) in the case of a capital gain - the amount mentioned in subsection 115-225(1) in respect of the beneficiary; or

(ii) in the case of a franked distribution - the amount mentioned in subsection 207-37(1) in respect of the beneficiary;

to the extent that it is not covered under paragraph (c);