Tax Laws Amendment (2004 Measures No. 1) Act 2004 (95 of 2004)

Schedule 8   Distributions to certain entities

Part 1   Division 7A amendments

Income Tax Assessment Act 1936

5   Paragraph 109XA(2)(b)

Repeal the paragraph, substitute:

(b) either:

(i) the company is presently entitled to an amount from the net income of the trust estate at the time the actual transaction takes place, and the whole of that amount has not been paid to the company before the earlier of the due date for lodgment and the date of lodgment of the trustee's return of income for the trust for the year of income of the trust in which the actual transaction takes place; or

(ii) the company becomes presently entitled to an amount from the net income of the trust estate after the actual transaction takes place, but before the earlier of the due date for lodgment and the date of lodgment of the trustee's return of income for the trust for the year of income of the trust in which the actual transaction takes place, and the whole of the amount has not been paid to the company before the earlier of those dates.