INCOME TAX ASSESSMENT ACT 1936 - SECT 102AAZE Accruals system of taxation does not apply to small amounts
INCOME TAX ASSESSMENT ACT 1936 - SECT 102AAZE
Accruals system of taxation does not apply to small amountsAn amount is not to be included in the assessable income of the taxpayer of a year of income under section 102AAZD in relation to a trust estate that is a listed country trust estate in relation to the year of income if the amount obtained by:
(a) identifying each trust estate in relation to which the taxpayer is an attributable taxpayer in relation to the year of income; and
(b) calculating the attributable income of the year of income of each such trust estate; and
(c) adding the amounts calculated under paragraph (b);
does not exceed the lesser of the following amounts:
(e) 10% of the total of the net incomes of each of those trust
estates of the year of income.