Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 54-70 Special provisions about trusts 54-70(1)
A payment of a *personal injury annuity or a *personal injury lump sum to the trustee of a trust is exempt from income tax for the trustee if:
(a) the beneficiary of the trust is the *injured person; and
(b) because of Subdivision 54-B or 54-C , the payment would have been exempt from income tax if it had been made directly to the beneficiary.
54-70(2)
A payment made in accordance with paragraph 54-35(3)(b) to the trustee of a trust is exempt from income tax for the trustee if:
(a) the beneficiary of the trust is the reversionary beneficiary; and
(b) because of section 54-65 , the payment would have been exempt from income tax if it had been made directly to the beneficiary.
54-70(3)
A payment of a lump sum in accordance with subsection 54-35(4) to the trustee of a trust is exempt from income tax for the trustee.
54-70(4)
If a payment is exempt from income tax for a trustee because of this section, the payment is also exempt from income tax for a beneficiary, or the beneficiary, of the trust, even if the trustee:
(a) pays all or part of the payment to the beneficiary; or
(b) applies all or part of the payment for the benefit of the beneficiary.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
