Tax Laws Amendment (2007 Measures No. 4) Act 2007 (143 of 2007)

Schedule 4   Trustee beneficiary reporting rules

Part 4   Application and transitional

52   Transitional

(1) This item applies in relation to income years starting on or after 1 July 2006 and before the first income year to which the amendments made by this Schedule apply in accordance with item 51.

(2) The trustee of a closely held trust is not liable to pay tax under section 102UK or 102UM of the Income Tax Assessment Act 1936 in respect of a share of the net income of the trust to the extent to which:

(a) the trustee of the closely held trust is assessed and liable to pay tax under subsection 98(4) of that Act in respect of the share; or

(b) the share is reasonably attributable to a part of the net income of another trust estate in respect of which the trustee of the other trust estate is assessed and liable to pay tax under that subsection; or

(c) the share is represented by or reasonably attributable to an amount from which an entity was required to withhold an amount under Subdivision 12-H in Schedule 1 to the Taxation Administration Act 1953; or

(d) the share is represented by or reasonably attributable to an amount which was liable to tax under section 255 of the Income Tax Assessment Act 1936.