Tax Laws Amendment (2011 Measures No. 5) Act 2011 (62 of 2011)

Schedule 2   Interim changes to the taxation of trust income

Part 3   Application provision

51   Application provision

(1) Subject to this item, the amendments made by this Schedule apply to assessments for the 2010-11 income year and later income years.

Early balancers and the 2010-11 income year

(2) Subitems (3) and (4) apply in relation to a trust whose 2010-11 income year started before 1 July 2010.

(3) The amendments made by this Schedule do not apply to an assessment for the 2010-11 income year unless the trustee of the trust makes a choice in accordance with subitem (4).

(4) A choice mentioned in subitem (3):

(a) can only be made before the end of 2 months after the commencement of this item; and

(b) can only be made in writing.

MITs and the 2010-11 and 2011-12 income years

(5) Subitems (6) and (7) apply in relation to an entity that:

(a) is a managed investment trust in relation to an income year; or

(b) is treated in the same way as a managed investment trust in relation to an income year for the purposes of Division 275 of the Income Tax Assessment Act 1997.

(6) If the income year is the 2010-11 or 2011-12 income year, the amendments made by this Schedule do not apply to an assessment for the income year unless:

(a) the trustee of the entity makes a choice in accordance with subitem (7) in relation to the income year; or

(b) in the case of the 2011-12 income year - the trustee of the entity made a choice in accordance with subitem (7) in relation to the 2010-11 income year.

(7) A choice mentioned in subitem (6):

(a) can only be made before the end of 2 months after the later of:

(i) the end of the income year in relation to which the choice is made; and

(ii) the commencement of this item; and

(b) can only be made in writing.