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

Schedule 2   Interim changes to the taxation of trust income

Part 1   Main amendments

Income Tax Assessment Act 1997

17   Subsection 115-230(4)

Repeal the subsection, substitute:

Consequences if trustee makes choice

(4) These are the consequences if the trustee makes a choice that this subsection applies in respect of a *capital gain:

(a) sections 115-215 and 115-220 do not apply in relation to the capital gain;

(b) for the purposes of this Act, the trustee is taken to be *specifically entitled to all of the capital gain.