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  • Items 14 to 19

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    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

    Last modified: 03 Jun 2010QC 22875