Income Tax Assessment Act 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

Division 266 - Income tax consequences for fixed trusts of abnormal trading or change in ownership  

Subdivision 266-B - Effect of change in ownership of fixed trust  

SECTION 266-30  

266-30   FIXED TRUST MAY BE REQUIRED TO WORK OUT ITS NET INCOME AND TAX LOSS IN A SPECIAL WAY  

A trust that:

(a) was a fixed trust at all times in the income year (the test period ); and

(b) was not a widely held unit trust at all times in the test period; and

(c) was not an excepted trust at all times in the test period;

must work out its net income and tax loss for the income year under Division 268 (How to work out a trust ' s net income and tax loss for the income year), unless it meets either:

• the condition in section 266-40 ; or

• the conditions in section 266-45 .

Note:

See section 415-25 of the Income Tax Assessment Act 1997 if the trust was a designated infrastructure project entity during part, but not the whole, of the test period.