Tax Laws Amendment (2011 Measures No. 5) Act 2011 (62 of 2011)

Schedule 2   Interim changes to the taxation of trust income

Part 1   Main amendments

Income Tax Assessment Act 1997

15   Paragraphs 115-230(3)(a), (b) and (c)

Repeal the paragraphs, substitute:

(a) a *capital gain is taken into account in working out the *net capital gain of a trust for an income year; and

(b) trust property representing all or part of that capital gain has not been paid to or applied for the benefit of a beneficiary of the trust by the end of 2 months after the end of the income year;