INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 7 - Bonus units in unit trusts  

SECTION 160ZYC  

160ZYC   APPLICATION  
Where -

(a) a taxpayer holds units in a unit trust (in this Division referred to as the ``original units'');

(b) an amount (in this Division referred to as the ``relevant amount'') is payable to the taxpayer by the trustee of the unit trust in respect of the original units;

(c) other units in the unit trust (in this Division referred to as the ``bonus units'') are issued to the taxpayer;

(d) the unit trust is not a corporate unit trust within the meaning of subsection 102J(1), or a public trading trust within the meaning of section 102R , in relation to the year of income in which the bonus units are issued; and

(e) the relevant amount is applied by the trustee of the unit trust, in whole or in part, in payment or part payment of the money payable by the taxpayer in respect of the bonus units or the liability of the trustee of the unit trust to pay the relevant amount to the taxpayer is otherwise satisfied, in whole or in part, by the issue of the bonus units,

the following provisions of this Division have effect.