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INCOME TAX ASSESSMENT ACT 1936 - SECT 97 Beneficiary not under any legal disability

INCOME TAX ASSESSMENT ACT 1936 - SECT 97

Beneficiary not under any legal disability

  (1)   Subject to Division   6D, where a beneficiary of a trust estate who is not under any legal disability is presently entitled to a share of the income of the trust estate:

  (a)   the assessable income of the beneficiary shall include:

  (i)   so much of that share of the net income of the trust estate as is attributable to a period when the beneficiary was a resident; and

  (ii)   so much of that share of the net income of the trust estate as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia; and

  (b)   the exempt income of the beneficiary shall include:

  (i)   so much of the individual interest of the beneficiary in the exempt income of the trust estate as is attributable to a period when the beneficiary was a resident; and

  (ii)   so much of the individual interest of the beneficiary in the exempt income of the trust estate as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia;

    except to the extent to which the exempt income to which that individual interest relates was taken into account in calculating the net income of the trust estate; and

  (c)   the non - assessable non - exempt income of the beneficiary shall include:

  (i)   so much of the individual interest of the beneficiary in the non - assessable non - exempt income of the trust estate as is attributable to a period when the beneficiary was a resident; and

  (ii)   so much of the individual interest of the beneficiary in the non - assessable non - exempt income of the trust estate as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia.

  (2)   A reference in this section to income of a trust estate to which a beneficiary is presently entitled shall be read as not including a reference to income of a trust estate:

  (a)   to which a beneficiary is deemed to be presently entitled by virtue of the operation of subsection   95A(2) where the beneficiary:

  (i)   is a natural person;

  (ii)   is a resident at the end of the year of income;

  (iii)   is not, in respect of that income, a beneficiary in the capacity of a trustee of another trust estate; and

  (iv)   is not a beneficiary to whom subsection   97A(1) or (1A) applies in relation to the year of income; or

  (b)   to which a beneficiary is presently entitled where the beneficiary:

  (i)   is a non - resident at the end of the year of income;

  (ii)   is not a beneficiary to whom subsection   (3) of this section or subsection   97A(1) or (1A) applies in relation to the year of income; and

  (iii)   is not, in respect of that income, a beneficiary in the capacity of a trustee of another trust estate.

  (3)   Where:

  (a)   a beneficiary of a trust estate is presently entitled to a share of the income of the trust estate;

  (b)   the beneficiary is a non - resident at the end of the year of income; and

  (c)   the beneficiary is:

  (i)   a body, association, fund or organization the income of which is exempt from tax by virtue of the operation of Subdivision   50 - A or section   51 - 5, 51 - 10 or 51 - 30 of the Income Tax Assessment Act 1997 ; or

  (ii)   an organization the income of which is exempt from tax by virtue of a regulation in force under the   International Organisations (Privileges and Immunities) Act 1963 ;

that beneficiary is, for the purposes of the application of this Division   in relation to that beneficiary in relation to that year of income, a beneficiary to whom this subsection applies.

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