Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 4) 1987 No. 138 of 1987 - SECT 29

29. After section 121DAA of the Principal Act the following section is
inserted: Assessment of private company dividend income and non-arm's length
income of approved deposit funds to which section 23FD applies

"121DAAA. The trustee of a fund to which section 23FD applies in relation to a
year of income shall be assessed and is liable to pay tax, at the rate
declared by the Parliament for the purposes of this section, upon so much of
the income derived by the fund in the year of income (other than income that
is exempt from income tax by virtue of section 23FD) as remains after
deducting from the first-mentioned income any losses and outgoings incurred by
the fund to the extent to which the losses and outgoings are incurred in
gaining or producing that income and are not of a private or capital nature.".