Pt 3-1 inserted by No 46 of 1998.
Div 115 inserted by No 169 of 1999.
S 115-222 substituted by No 62 of 2011, s 3 and Sch 2 item 11, effective 29 June 2011. For application provisions see note under s 115-200. S 115-222 formerly read:
SECTION 115-222 Special rule for assessing trustee under subsection 98(4) of the Income Tax Assessment Act 1936
115-222(1) The purpose of this section is to ensure a trustee assessed under subsection 98(4) of the Income Tax Assessment Act 1936 (in respect of the share of the net income to which a beneficiary that is a foreign resident in the capacity of a trustee is entitled) does not get the benefit in that assessment of the *discount percentage.
Modification of subsection 98(4)
115-222(2) The trustee is to be assessed (and pay tax) under subsection 98(4) of the Income Tax Assessment Act 1936 as if the part of the share that is attributable to a *capital gain of the trust that was reduced under step 3 of the method statement in subsection 102-5(1) were double the amount that it actually is.
S 115-222 inserted by No 79 of 2007, s 3 and Sch 9 item 21, applicable in relation to income years starting on or after 1 July 2006.