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 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 115 - Discount capital gains and trusts' net capital gains    View history reference

Subdivision 115-B - Discount percentage    View history reference

SECTION 115-120  Foreign or temporary residents - trusts with certain gains  

 View history reference

115-120(1)  

The object of this section is to adjust the discount percentage so as to deny a trustee a discount for a *capital gain for which the trustee is liable:


(a) to be assessed; and


(b) to pay tax;

under section 98 of the Income Tax Assessment Act 1936 in relation to the trust estate in respect of a beneficiary to the extent that the beneficiary was a foreign resident or *temporary resident.

115-120(2)  

This section applies to a *discount capital gain of a trust estate if:


(a) you are the trustee of that trust; and


(b) section 115-220 applies to you in relation to the discount capital gain and a beneficiary of the trust who is an individual.

115-120(3)  

The percentage resulting from this section is the same as the *discount percentage for the corresponding *discount capital gain the beneficiary would have made for the purposes of Division 102 had section 115-215 applied to the beneficiary.


 



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