Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 195 - Special types of company  

Subdivision 195-C - Corporate collective investment vehicles  

Operative provisions

SECTION 195-123   How to work out the income of the trust estate of a CCIV sub-fund trust for an income year  

195-123(1)    
The income (the trust income ) of the trust estate of a *CCIV sub-fund trust for an income year is worked out in accordance with this section.

Note:

This is relevant to working out the income tax position of the CCIV sub-fund trust and its beneficiaries under Division 6 of Part III of the Income Tax Assessment Act 1936 .

195-123(2)    
If:

(a)    the *CCIV is a *retail CCIV at the end of the income year; and

(b)    the amount of the *sub-fund ' s profit for the income year, as required to be stated in the financial statements included in the financial report for the sub-fund for the income year that the CCIV is required to prepare because of paragraph 1232C(1)(a) of the Corporations Act 2001 , is greater than nil;

the trust income is that profit.

195-123(3)    
If:

(a)    the *CCIV is not a *retail CCIV at the end of the income year; and

(b)    the amount of the *sub-fund ' s profit for the income year that would, if the CCIV had been a retail CCIV at the end of the income year, be required to be stated as mentioned in paragraph (2)(b) is greater than nil;

the trust income is that profit.

195-123(4)    
If neither of subsections (2) and (3) applies, the trust income is nil.