INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
CCH Note:
Below is material repealed as inoperative in s 102T by No 101 of 2006.
Section 67AA applies, mutatis mutandis , in relation to the trustee of a public trading trust.
View history note
Hide history noteSection 221AC shall have effect as if there were added at the end of that section the following subsection:
``(1A) For the purpose of securing generally the more expeditious collection of income tax payable by trustees of public trading trusts, a trustee of a public trading trust is liable to pay, during the relevant year of tax and in accordance with this Division, 3 instalments of tax in respect of income of the year of income that commenced on 1 July 1985 and in respect of income of each subsequent year of income.''
The reference in subsection 221AA(1) to income tax that a company is liable to pay in the capacity of a trustee shall be read as not including a reference to income tax that a company, being the trustee of a public trading trust, is liable to pay in respect of the net income of the public trading trust.
102T(10) [Section 221YB(1) modified]For the purposes of subsection 221YB(1) , the trustee of a public trading trust shall be taken to be a company not being a company in the capacity of a trustee.
102T(13) [Section 221YL modified]A reference in section 221YL to a share in relation to a company shall be read as including a reference to a unit in a prescribed trust estate.
A reference in Division 1A of Part VI (other than section 221AC ) to taxable income in relation to a company shall be read as including a reference to the net income of a public trading trust.
102T(17) [Section 26(b) modified]A reference in paragraph 26(b) to beneficial interests in income derived under an instrument of trust shall be read as not including a reference to beneficial interests in income of a public trading trust.
102T(18) [Section 221YL(1) modified]The reference in subsection 221YL(1) to the register of members in relation to a company shall be read as including a reference to any book, document or record in the possession of, or kept or maintained by or on behalf of, the trustee of a prescribed trust estate, being a book, document or record containing, or containing information relating to, the names or addresses of unitholders in the prescribed trust estate.
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