Income Tax Assessment Act 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

Division 272 - Interpretation  

Subdivision 272-J - Kind of trust can be affected by ownership by higher level trust  

SECTION 272-127   KIND OF TRUST CAN BE AFFECTED BY OWNERSHIP BY HIGHER LEVEL TRUST  

272-127(1)    
If:


(a) apart from this Subdivision, a trust is an unlisted widely held trust, an unlisted very widely held trust or a wholesale widely held trust; and


(b) each of one or more trusts of a higher level (see subsection (3)) has, directly or indirectly, fixed entitlements to all of the income and capital of the trust;

the trust is instead a trust of the same kind (see subsection (2)) as the trust of the highest level.


272-127(2)    
For the purposes of this Subdivision, trusts are of the following kinds:


(a) unlisted widely held trust;


(b) unlisted very widely held trust;


(c) wholesale widely held trust;


(d) listed widely held trust.

272-127(3)    
The kinds of trust are allocated levels in the following order (from lowest to highest): unlisted widely held trust, unlisted very widely held trust, wholesale widely held trust and listed widely held trust.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.