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.


    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.