Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Act 2019 (34 of 2019)

Schedule 4   Sovereign immunity

Part 1   Amendments

Income Tax Assessment Act 1936

1   After section 99G


99GA Amounts covered by sovereign immunity exemption

Subsection 98(3) does not apply to so much of the net income of a trust estate as represents income to which a beneficiary is presently entitled and gives rise to an amount that is non-assessable non-exempt income because of:

(a) Division 880 of the Income Tax Assessment Act 1997; or

(b) Division 880 of the Income Tax (Transitional Provisions) Act 1997.