New Business Tax System (Integrity and Other Measures) Act 1999 (Incorporating amendments up to Act No. 78 of 2001) (169 of 1999)
Schedule 9 Concessions for capital gains by individuals and some other entities
Part 1 New rules
Income Tax Assessment Act 1997
4 Section 102-30 (after table item 2)
Insert:
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2AA |
Beneficiary of trust whose net income includes a net capital gain |
The beneficiary is treated as having: (a) an extra capital gain equal to the amount of the beneficiary's share of the net income that is attributable to the trust's non-discounted capital gain; and (b) an extra capital gain of double the amount of the beneficiary's share of the net income that is attributable to the trust's discounted capital gain |
Subdivision 115-C |