Tax Laws Amendment (2011 Measures No. 8) Act 2011 (136 of 2011)

Schedule 1   Commissioner's discretion for primary production concessions

Income Tax Assessment Act 1997

2   At the end of section 385-163

Add:

(4) However, in the case of a trust, a disentitling event does not happen if:

(a) either:

(i) the disentitling event is covered by paragraph 3(c); or

(ii) the disentitling event is covered by paragraph 3(d) and a beneficiary leaves Australia permanently, or it appears to the Commissioner that a beneficiary is about to do so; and

(b) the Commissioner makes a determination under subsection (5).

(5) The Commissioner may make a determination for the purpose of subsection (4) if it is fair and reasonable to do so having regard to:

(a) the nature of the *disentitling event to which subsection (3) applies; and

(b) any relevant circumstances relating to the beneficiary mentioned in paragraph (3)(c) or (d); and

(c) any other relevant circumstances relating to the trust; and

(d) any other matters the Commissioner considers relevant.

(6) A determination made under subsection (5) must be made in writing.

(7) The Commissioner must give the trustee of the trust a copy of the determination.