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INCOME TAX ASSESSMENT ACT 1936

PART III - LIABILITY TO TAXATION  

Division 6 - Trust income    View history reference

History

Div 6 heading substituted by No 12 of 1979.

SECTION 97  BENEFICIARY NOT UNDER ANY LEGAL DISABILITY  

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97(1)  

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Subject to Division 6D , where a beneficiary of a trust estate who is not under any legal disability is presently entitled to a share of the income of the trust estate:


(a) the assessable income of the beneficiary shall include:


(i) so much of that share of the net income of the trust estate as is attributable to a period when the beneficiary was a resident; and

(ii) so much of that share of the net income of the trust estate as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia; and


(b) the exempt income of the beneficiary shall include:


(i) so much of the individual interest of the beneficiary in the exempt income of the trust estate as is attributable to a period when the beneficiary was a resident; and

(ii) so much of the individual interest of the beneficiary in the exempt income of the trust estate as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia;
except to the extent to which the exempt income to which that individual interest relates was taken into account in calculating the net income of the trust estate; and


(c) the non-assessable non-exempt income of the beneficiary shall include:

(i) so much of the individual interest of the beneficiary in the non-assessable non-exempt income of the trust estate as is attributable to a period when the beneficiary was a resident; and

(ii) so much of the individual interest of the beneficiary in the non-assessable non-exempt income of the trust estate as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia.
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History

S 97(1) amended by No 62 of 2011, s 3 and Sch 2 item 28, by repealing the note at the end, effective 29 June 2011. For application provisions see note under s 95AAA . The note formerly read:

Note:

If the trust estate's net income includes a net capital gain, Subdivision 115-C of the Income Tax Assessment Act 1997 also affects the assessment of the beneficiary.

S 97(1) amended by No 66 of 2003, No 169 of 1999, No 70 of 1999.

Former s 97(1) substituted by No l2 of 1979.

97(2)  

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A reference in this section to income of a trust estate to which a beneficiary is presently entitled shall be read as not including a reference to income of a trust estate:


(a) to which a beneficiary is deemed to be presently entitled by virtue of the operation of subsection 95A(2) where the beneficiary:


(i) is a natural person;

(ii) is a resident at the end of the year of income;

(iii) is not, in respect of that income, a beneficiary in the capacity of a trustee of another trust estate; and

(iv) is not a beneficiary to whom subsection 97A(1) or ( 1A ) applies in relation to the year of income; or


(b) to which a beneficiary is presently entitled where the beneficiary:


(i) is a non-resident at the end of the year of income;

(ii) is not a beneficiary to whom subsection (3) of this section or subsection 97A(1) or (1A) applies in relation to the year of income; and

(iii) is not, in respect of that income, a beneficiary in the capacity of a trustee of another trust estate.

History

S 97(2) substituted by No 14 of 1983 and No 29 of 1982 and inserted by No 19 of 1980.

97(3)  

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Where:


(a) a beneficiary of a trust estate is presently entitled to a share of the income of the trust estate;


(b) the beneficiary is a non-resident at the end of the year of income; and


(c) the beneficiary is:

(i) a body, association, fund or organization the income of which is exempt from tax by virtue of the operation of Subdivision 50-A or section 51-5 , 51-10 or 51-30 of the Income Tax Assessment Act 1997 ; or

(ii) an organization the income of which is exempt from tax by virtue of a regulation in force under the International Organisations (Privileges and Immunities) Act 1963 ;
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that beneficiary is, for the purposes of the application of this Division in relation to that beneficiary in relation to that year of income, a beneficiary to whom this subsection applies.

History

S 97(3) amended by No 101 of 2006 , s 3 and Sch 2 item 267, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 97(3) amended by No 57 of 2001, No 150 and No 121 of 1997 and inserted by No 14 of 1983.


 



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