Income Tax Assessment Amendment (Foreign Investment) Act 1992 (190 of 1992)

12   Payment of interest by taxpayer on distributions from certain non-resident trust estates

 

(1) Section 102AAM of the Principal Act is amended by inserting after subsection (1) the following subsections:
        

"(1A) For the purposes of subsection (1), unless the contrary is established by the taxpayer:

(a) a distributed amount in relation to a listed country trust estate in relation to a non-resident trust's year of income is taken to be wholly attributable to income and profits of the trust estate of that year of income that represent eligible designated concession income in relation to a listed country; and

(b) a distributed amount in relation to a trust estate that was not a listed country trust estate in relation to a non-resident trust's year of income is taken to be wholly attributable to income and profits of the trust estate of that year of income that have not been subject to tax in any listed country in a tax accounting period.

"(1B) This section does not apply to a distributed amount that is attributable to income or profits of the estate of a deceased person if the amount was paid to, or applied for the benefit of, the taxpayer within 3 years after the death of that person.

"(1C) This section does not apply to a distributed amount that was included in the assessable income of a taxpayer of a year of income under section 99B in relation to a trust estate if, at all times during the year of income, the trust:

(a) was a public unit trust; and

(b) was not a controlled foreign trust.".

      

(2) The amendments made by subsection (1) apply to assessments in respect of income of the 1992-93 year of income and in respect of income of all later years of income.