Income Tax Assessment Act 1936
(a) a beneficiary of a trust estate that is a managed investment trust is presently entitled to a share of the income of the trust estate of a year of income; and
(b) the beneficiary is a non-resident at the end of the year of income; and
(c) all or part of that share of the net income of the trust estate (the late amount ) has not been paid to the beneficiary by the end of the period applicable under subsection 12-405(4) in Schedule 1 to the Taxation Administration Act 1953 ; and
That subsection requires payments to be made before the end of 3 months after the end of the relevant year of income or within a longer period allowed by the Commissioner.
(d) if the late amount had been paid to the beneficiary within that period, the payment would have been a fund payment made by the trustee of the managed investment trust.
This Division applies as if that portion of the beneficiary ' s income that represents the late amount were income to which no beneficiary was presently entitled.99H(3) [ Excluded amounts]
(a) a dividend (as defined in Division 11A of Part III ) that is subject to, or exempted from, a requirement to withhold under Subdivision 12-F in Schedule 1 to the Taxation Administration Act 1953 ;
(b) interest (as so defined) that is subject to, or exempted from, such a requirement;
(c) a royalty that is subject to, or exempted from, such a requirement;
(d) a capital gain or capital loss from a CGT event that happens in relation to a CGT asset that is not taxable Australian property;
(e) amounts that are not from a source in Australia;
and disregard deductions relating to excluded amounts.