Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 6AAA - Special provisions relating to non-resident trust estates etc.  

Subdivision A - Preliminary  

SECTION 102AAE   LISTED COUNTRY TRUST ESTATES  

102AAE(1)    

For the purposes of this Division, a trust estate is taken to be a listed country trust estate in relation to a year of income if, and only if, either of the following paragraphs applies to each item of income or profit derived by the trust estate in the year of income:

(a) the income or profit is either:

(i) subject to tax in a listed country in a tax accounting period ending before the end of the year of income or commencing during the year of income; or

(ii) designated concession income in relation to any listed country;

(b) both of the following conditions are satisfied:

(i) a part of the income or profit is either:

(A) subject to tax in a listed country in a tax accounting period ending before the end of the year of income or commencing during the year of income; or

(B) designated concession income in relation to any listed country;

(ii) the remaining part, or each of the remaining parts, of the income or profit:

(A) is subject to tax in another listed country or in different listed countries, as the case may be, in a tax accounting period ending before the end of the year of income or commencing during the year of income; or

(B) is designated concession income in relation to any listed country.

102AAE(2)    

For the purposes of the application of subparagraph (1)(b)(ii) to a trust estate, if a particular part of an item of income or profit (which part is in this subsection called the item part ) derived by the trust estate is included, or would apart from Subdivision 50-A or section 51-5 , 51-10 or 51-30 of the Income Tax Assessment Act 1997 be included, in the assessable income of the trust estate of a year of income (in this subsection called the trust ' s year of income ) and one of the following paragraphs applies:

(a) both of the following conditions are satisfied:

(i) the trustee of the trust estate is liable to be assessed and pay tax under section 98 , 99 or 99A in respect of a part of, or a share in, the net income of the trust estate of the trust ' s year of income;

(ii) the whole or a part of the part or share of the net income is attributable to the item part;

(b) all of the following conditions are satisfied:

(i) an amount is included in the assessable income of another taxpayer of the trust ' s year of income or the next following year of income (which taxpayer is in this subsection called the actual taxpayer ) under subsection 92(1) or section 97 , 98A or 100 ;

(ii) the actual taxpayer is:

(A) a company or a natural person (other than a company or a natural person in the capacity of a trustee); or

(B) the trustee of a complying superannuation fund, a non-complying superannuation fund, a complying approved deposit fund, a non-complying approved deposit fund or a pooled superannuation trust in relation to the year of income concerned; or

(C) (Repealed by No 53 of 2016)

(D) the trustee of a public trading trust in relation to the year of income concerned; or

(E) the trustee of a trust estate who is liable to be assessed and pay tax under section 98 , 99 or 99A in respect of a part of, or a share in, the net income of a trust estate;

(iii) if sub-subparagraph (ii)(A), (B), (C) or (D) applies - the whole or a part of the amount so included in the actual taxpayer ' s assessable income is attributable (either directly or indirectly through one or more interposed partnerships or trusts) to the item part;

(iv) if sub-subparagraph (ii)(E) applies - the whole or a part of the part or share of the net income is attributable (either directly or indirectly through one or more interposed partnerships or trusts) to the item part;

(c) both of the following conditions are satisfied:

(i) trustee beneficiary non-disclosure tax is payable under Division 6D on the whole or part (the net income amount ) of a share of the net income of the trust estate of the trust ' s year of income;

(ii) the whole or part of the net income amount is attributable to the item part;

the item part is to be treated as if it were subject to tax in a listed country in a tax accounting period ending before the end of the trust ' s year of income.

102AAE(3)    

For the purposes of this section, where a part of a particular item of income or profits derived by an entity would, if it were a separate item of income or profits, be taken to be subject to tax in a listed country in a particular tax accounting period, that part is taken to be subject to tax in that listed country in that tax accounting period.