Income Tax Assessment Act 1936
View history note
Hide history noteDiv 1A repealed by No 53 of 2015, s 3 and Sch 1 item 1, applicable in relation to the 2016-17 income year and later income years.
Division 1A comprising s 24B to s 24N inserted by No 164 of 1973.
(Repealed by No 53 of 2015)
S 24E repealed by No 53 of 2015, s 3 and Sch 1 item 1, applicable in relation to the 2016-17 income year and later income years. S 24E formerly read:
S 24E(1) amended by No 41 of 2011, s 3 and Sch 5 Pt 27, by removing gender-specific language, effective 27 June 2011. S 24E(4) amended by No 41 of 2011, s 3 and Sch 5 Pt 27, by removing gender-specific language, effective 27 June 2011. S 24E(4) amended by No 108 of 1981.
SECTION 24E TERRITORY TRUSTS
24E(1)
A trust is, for the purposes of this Division, a Territory trust in relation to the year of income if:
(a)
the trust resulted from:
(i)
a will, a codicil or an order of a court that varied or modified the provisions of a will or codicil; or
(ii)
an intestacy or an order of a court that varied or modified the application, in relation to the estate of a deceased person, of the provisions of the law relating to the distribution of the estates of persons who die intestate;
(b)
the deceased person was a Territory resident immediately before his or her death; and
(c)
either of the following subparagraphs applies in relation to the trust:
(i)
the administration of the estate of the deceased person had not, before the end of the year of income, progressed to a stage that would give to any beneficiary a present entitlement to income that was derived by the trustee before or during the year of income; or
(ii)
at no time during the year of income was any person presently entitled to income derived by the trustee during the year of income and at the end of the year of income no person other than a Territory resident had any interest, whether vested or contingent, in any income derived by the trustee during the year of income or could by the exercise of a power conferred on any person obtain such an interest.
24E(2)
A trust is, for the purposes of this Division, a Territory trust in relation to the year of income if:
(a)
the trust was created by an instrument (not being a will or a codicil) executed in a prescribed Territory by a Territory resident; and
(b)
at no time during the year of income was any person presently entitled to income derived by the trustee during the year of income and at the end of the year of income no person other than a Territory resident had any interest, whether vested or contingent, in any income derived by the trustee during the year of income or could by the exercise of a power conferred on any person obtain such an interest.
24E(3)
A trust is not, for the purposes of this Division, a Territory trust in relation to the year of income except as provided by this section.
24E(4)
For the purposes of this Division:
(a)
where 2 or more beneficiaries are presently entitled to shares of any income derived by a trustee (whether or not any of those beneficiaries is under a legal disability), the respective shares of that income to which those beneficiaries are so entitled shall be deemed to be held by the trustee upon separate trusts for those beneficiaries;
(b)
if there is a share of any income derived by a trustee to which no beneficiary is presently entitled, the trustee shall be deemed to hold that share upon a trust separate from the trust or trusts upon which the trustee holds the remainder of that income; and
(c)
a reference to income derived by a trustee of a trust is a reference to income derived by the trustee in the trustee's capacity as trustee of that trust.
S 24E inserted by No 164 of 1973.