Taxation Laws Amendment Act (No. 2) 1993 (18 of 1993)

PART 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 7   Amendments relating to foreign investment

Subdivision H   Calculation method elections

43   Procedure to be followed

Section 582 of the Principal Act is amended by inserting after subsection (7) the following subsection:

"(7A) If:

(a) because of the taxpayer's election under subsection 486 (3), the relevant period ends at the same time as a period ('the real accounting period') in respect of which the accounts of the trust are made out; and

(b) because of paragraph 486 (5) (b) or subparagraph 486 (7) (b) (i), the relevant period does not begin at the same time as the real accounting period;

then, for the purposes of this section:

(c) the relevant period is taken to begin when the real accounting period does; and

(d) any interest or interests that the taxpayer had in the trust immediately before the time when the relevant period began (disregarding its extension under paragraph (c)) are taken to have been acquired by the taxpayer at that time.".