Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 493

                   If an amount of foreign investment fund income that accrued to a taxpayer from a foreign trust in respect of a notional accounting period of the trust would, apart from this section, be included in the taxpayer's assessable income of a year of income and:

                     (a)  the taxpayer is an attributable taxpayer for the purposes of Division 6AAA in relation to the year of income and in relation to a trust estate and the trust to which the trust estate relates is the same entity as the foreign trust; or

                     (b)  the foreign trust is a CFT and the taxpayer is an attributable taxpayer in relation to that CFT at any time during the year of income;

the operative provision does not apply to the taxpayer in relation to the foreign trust in respect of the notional accounting period of the foreign trust that ends in the year of income.