Income Tax Assessment Act 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

Division 268 - How to work out a trust ' s net income and tax loss for the income year  

Subdivision 268-B - Dividing the income year into periods  

SECTION 268-10   INCOME YEAR OF FIXED TRUST TO BE DIVIDED INTO PERIODS - FIRST CASE  

268-10(1)    
If:

(a) a trust ' s net income and tax loss for the income year are required by section 266-30 to be worked out under this Division; and

(b) the trust did not meet the requirements of subsections 266-45(2) and (4) ;

the income year is divided into periods as follows.

268-10(2)    

The first period begins at the beginning of the income year. Each later period begins immediately after the end of the previous period.

268-10(3)    
The last period ends at the end of the income year. Each period (except the last) ends at the latest time that would result in the trust passing the 50 % stake test for the whole of the period.