INCOME TAX ASSESSMENT ACT 1936

PART III - LIABILITY TO TAXATION  

Division 6D - Provisions relating to certain closely held trusts  

Subdivision B - Interpretation  

SECTION 102UG   CORRECT TB STATEMENT  

Share of net income case

102UG(1)  
This section applies if a share of the net income of a closely held trust for a year of income is included in the assessable income of a trustee beneficiary of the trust under section 97 and the share comprises or includes an untaxed part. Tax-preferred amount case

102UG(2)  
This section also applies if a trustee beneficiary of a closely held trust is presently entitled at the end of a year of income to a share of a tax-preferred amount of the trust. Correct TB statement

102UG(3)  
If this section applies, the trustee of the closely held trust makes a correct TB statement about the share if the trustee correctly states, in the approved form:


(a) if the trustee beneficiary is a resident at the end of the year of income:


(i) the name and tax file number of the trustee beneficiary; and

(ii) the amount of the untaxed part of the share or the amount of the share of the tax-preferred amount; and


(b) if the trustee beneficiary is a non-resident at the end of the year of income:


(i) the name and address of the trustee beneficiary; and

(ii) the amount of the untaxed part of the share or the amount of the share of the tax-preferred amount.

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