A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

INCOME TAX ASSESSMENT ACT 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS    View history reference

Division 268 - How to work out a trust ' s net income and tax loss for the income year    View history reference

Subdivision 268-B - Dividing the income year into periods  

SECTION 268-20  INCOME YEAR OF WIDELY HELD UNIT TRUST TO BE DIVIDED INTO PERIODS  

 View history reference

268-20(1)  

If a trust ' s net income and tax loss for the income year are required by section 266-80 , 266-115 or 266-155 to be worked out under this Division, the income year is divided into periods as follows.

268-20(2)  

 View history reference
The first period begins at the beginning of the income year. Each later period begins immediately after the end of the previous period.

268-20(3)  

The last period ends at the end of the income year. Each period (except the last) ends at the earliest time at which there is an abnormal trading in the trust ' s units, where the trust does not pass the 50% stake test in respect of the following times:


(a) the beginning of the period;


(b) immediately after the abnormal trading.

268-20(4)  

However, what would, apart from this subsection, be 2 or more successive periods are treated as a single period if:


(a) the trust is a listed widely held trust; and


(b) during all of the periods the trust passed the same business test in relation to the time immediately before the end of the first of the successive periods.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page