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 1997

48   Subsections 316-175(2) and (3)

Repeal the subsections, substitute:

(2) If this section applies:

(a) sections 115-215 and 115-220 do not apply in relation to the *capital gain; and

(b) for the purposes of this Act, the trustee is taken to be *specifically entitled to all of the capital gain.