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Items 14 to 19

Last updated 2 June 2010

Unless otherwise specified, the terms used in items 14 to 19 have the same meaning as set out in Divisions 6 and 6AAA of the ITAA 1936.

Item 14

This item asks whether a transfer of property or services has ever been made or caused to be made to a non-resident trust estate. The item is not restricted to the income year of this tax return.

'Transfer', 'property' and 'services' are defined in section 102AAB of the ITAA 1936. Sections 102AAJ and 102AAK of the ITAA 1936 provide guidance in relation to whether there was a transfer or a deemed transfer of property or services to a non-resident trust estate. You must print either Y for yes or N for no at W.

Item 15

This item asks whether the entity was a beneficiary of a non-resident trust estate at any time during the year of income. You must print either Y for yes or N for no at X.

Item 16

This item asks whether the entity had an interest in a non-resident trust estate, or was entitled to acquire an interest in a non-resident trust estate, at any time during the income year.

'Entitled to acquire' has the same meaning as set out in section 322 of Part X of the ITAA 1936. You must print either Y for yes or N for no at Y.

Item 17

This item asks whether any of the non-resident trust estates for which a yes answer was given at items 14, 15 or 16 is a discretionary trust estate. Discretionary trust estate is defined in section 102AAB of the ITAA 1936. If you answered yes at W, X or Y, print either Y for yes or N for no, as applicable, at Z. If you answered no at all of W, X and Y, leave Z blank.

Item 18

This item asks whether the entity was able to control a non-resident trust estate at any time during the income year. Control in relation to a trust estate is defined in section 102AAG of the ITAA 1936. Print either Y for yes or N for no at A.

Item 19

This item asks for the current value, at the end of the notional accounting period, of interests in FIFs and FLPs that are exempt under the specified sections of Part XI of the ITAA 1936.

The value should be the most accurate current value that is available or, if no current value is available, use cost. FIF is defined in section 481 of the ITAA 1936. FLP is defined in section 482 of the ITAA 1936. Interest in a FIF or FLP is defined in section 483 of the ITAA 1936.

'Notional accounting period' in respect of a FIF is defined in section 486 of the ITAA 1936.

'Notional accounting period' in respect of an FLP is defined in section 487 of the ITAA 1936.

Write the relevant code from the list below for the interests that qualify for exemptions at B to T. Write the value of the corresponding interest in whole dollars at C to U.

Show only the principal 10 in descending order of total dollar value. If there were more than 10 exemptions, show the largest 10 based on dollar values. If there were fewer than 10 exemptions, leave the remaining answer blocks blank.

Section

Code

497

Interests in a foreign company principally engaged in eligible company activities

01

503

Interests in a foreign bank

02

504

Interests in a foreign holding company of a foreign bank

03

506

Interests in a foreign life insurance company

04

507A

Interests in a foreign holding company of a foreign life insurance company

05

509

Interests in a foreign general insurance company

06

509A

Interests in a foreign holding company of a foreign general insurance company

07

511

Interests in a foreign company engaged in certain activities connected with real property

08

511A

Interests in a foreign holding company of a foreign real property company

09

513

Interests in certain USA entities

10

515

Interests of less than $50,000

11

519B

Exemption for complying superannuation entities, certain assets of life insurance companies and certain fixed trusts

12

521

Interests that are trading stock

13

523

Interests in a foreign company principally engaged in several of certain activities

14

523A

Interests in a foreign holding company of a foreign mixed activity company

15

525

Interests not exceeding 10% of the value of all FIF interests

16

527

Certain interests of underwriting members of Lloyd's

17

Example 8

Example 8

QC96779