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

27   Subsection 995-1(1)

Insert:

specifically entitled :

(a) specifically entitled to a *capital gain has the meaning given by section 115-228; and

Note: A trustee of a trust estate that makes a choice under section 115-230 is taken to be specifically entitled to a capital gain.

(b) specifically entitled to a *franked distribution has the meaning given by section 207-58.