Taxation Administration Act 1953
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Chapter 2 - Collection, recovery and administration of income taxSECTION 45-483 MEANING OF REDUCED BENEFICIARY ' S SHARE AND REDUCED NO BENEFICIARY ' S SHARE 45-483(1)
If the trustee of a trust is liable to be assessed, and to pay tax, for an income year under subsection 98(1) or (2) of the Income Tax Assessment Act 1936 in respect of a particular beneficiary, the reduced beneficiary ' s share of the net income is the amount on which the trustee is so liable to be assessed and to pay tax, except so much of that amount as is attributable to a *net capital gain included in the trust ' s assessable income for that income year.
45-483(2)
If the trustee of a trust is liable to be assessed, and to pay tax, for an income year under section 99 or 99A of the Income Tax Assessment Act 1936 , the reduced no beneficiary ' s share of the net income is the amount on which the trustee is so liable to be assessed and to pay tax, except so much of that amount as is attributable to a *capital gain made by the trust during that income year.
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