Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1993No. 18, 1993 - SECT 39

39. After section 485 of the Principal Act the following section is inserted:
Applying operative provision in working out net income of partnership or trust
estate

"485A.(1) For the purpose of working out the net income of a partnership or of
a trust estate, the operative provision applies as mentioned in section 485,
subject to the following provisions.

"(2) The requirement in the definition of 'net income' in sections 90 and 95
for assessable income to be calculated as if the partnership or trust estate
concerned were a taxpayer who is a resident is, in applying the operative
provision, to be taken to be a requirement to calculate that assessable income
as if the taxpayer were a Part XI Australian resident.

"(3) The operative provision does not apply in calculating the net income of a
foreign trust estate that is named:

   (a)  in regulations made for the purpose of section 513; or

   (b)  until regulations are so made-in Schedule 6.".