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-D - Effect of abnormal trading on listed widely held trust  

SECTION 266-115   266-115   LISTED WIDELY HELD TRUST MAY BE REQUIRED TO WORK OUT ITS NET INCOME AND TAX LOSS IN A SPECIAL WAY  


A trust that:


(a) was a listed widely held trust at all times in the income year (the test period ); and


(b) 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 subsection 266-125(1) ; or
  • · the condition in subsection 266-125(2) .
  • 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.


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