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INCOME TAX ASSESSMENT ACT 1936

PART III - LIABILITY TO TAXATION  

Division 6A - Alienation of income    View history reference

SECTION 102C  

102C  EFFECT OF CERTAIN TRANSFERS OF RIGHTS TO RECEIVE INCOME FROM PROPERTY  

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Where:


(a) any income is paid to, or applied or accumulated for the benefit of, a person (in this section referred to as the transferee ) by reason of the transfer to the person of a right to receive income from property; and


(b) the income so paid, applied or accumulated is, by virtue of section 102B , to be included in the assessable income of another person (in this section referred to as the transferor );
 View history reference

then:


(c) for the purposes of the application of this Act other than this Division in relation to the transferor, an amount equal to the income so paid, applied or accumulated:


(i) shall be deemed to have been paid by the transferor to the transferee at the time at which the income was paid to, or applied or accumulated for the benefit of, the transferee; and

(ii) shall be deemed to have been so paid for the purpose for which the right was transferred; and


(d) where, if the right had not been transferred, but the transferor had paid to the transferee, at the time at which the income was so paid to, or applied or accumulated for the benefit of, the transferee and for the purpose for which the right was transferred, an amount (in this paragraph referred to as the notional amount ) equal to the amount of the income so paid, applied or accumulated, the notional amount or a part of the notional amount would have been included in the assessable income of the transferee - there shall be included in that assessable income an amount equal to the notional amount or that part of the notional amount, as the case may be.


 



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