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If a non-resident trust estate is a listed country trust estate - see the Overview earlier in this chapter - in an income year, only distributions from certain concessionally taxed income of the trust estate are subject to the interest charge under section 102AAM of ITAA 1936.
Where a non-resident trust estate is not a listed country trust estate in an income year, distributions made from the income and profits of the trust estate for that year are subject to the interest charge if the amount has not been subject to tax in any listed country in a tax accounting period:
- ending before the end of the non-resident trust's income year, or
- beginning during the non-resident trust's income year. [paragraph 102AAM(1)(b)]
Before that amount can be exempt from the section 102AAM interest charge on distribution, you will have to show that an amount that was the property of a trust estate was paid to you or applied for your benefit out of accumulated profits which relate to:
Last modified: 01 Jul 2006QC 18507
- in the case of a listed-country trust estate, income other than eligible designated concession income, or
- in any other case, income that has been taxed in any listed country. [subsection 102AAM(1A)]