INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 6B - Income of certain unit trusts  

SECTION 102L   MODIFIED APPLICATION OF ACT IN RELATION TO CERTAIN UNIT TRUSTS  

102L(4)   [Payment of instalments of tax]  

Section 221AC shall have effect as if there were added at the end of that section the following subsection:

``(1A) For the purpose of securing generally the more expeditious collection of income tax payable by trustees of corporate unit trusts, a trustee of a corporate unit trust is liable to pay, during the relevant year of tax and in accordance with this Division, 3 instalments of tax in respect of income of the year of income that commenced on 1 July 1980 and in respect of income of each subsequent year of income.''

102L(8)   [Section 221AA(1) modified]  

The reference in subsection 221AA(1) to income tax that a company is liable to pay in the capacity of a trustee shall be read as not including a reference to income tax that a company, being the trustee of a corporate unit trust, is liable to pay in respect of the net income of the corporate unit trust.

102L(9)   [Section 221YB(1) modified]  

For the purposes of subsection 221YB(1) , the trustee of a corporate unit trust shall be taken to be a company not being a company in the capacity of a trustee.

102L(12)   [Section 221YL modified]  

A reference in section 221YL to a share in relation to a company shall be read as including a reference to a unit in a prescribed trust estate.

102L(14)   [Division 1A of Part VI modified]  

A reference in Division 1A of Part VI (other than section 221AC ) to taxable income in relation to a company shall be read as including a reference to the net income of a corporate unit trust.

102L(16)   [Section 26(b) modified]  

A reference in paragraph 26(b) to beneficial interests in income derived under an instrument of trust shall be read as not including a reference to beneficial interests in income of a corporate unit trust.

102L(17)   [Section 221YL(1) modified]  

The reference in subsection 221YL(1) to the register of members in relation to a company shall be read as including a reference to any book, document or record in the possession of, or kept or maintained by or on behalf of, the trustee of a prescribed trust estate, being a book, document or record containing, or containing information relating to, the names or addresses of unitholders in the prescribed trust estate.