Income Tax Assessment Act 1936
SCHEDULE 2F
-
TRUST LOSSES AND OTHER DEDUCTIONS
Division 266
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Income tax consequences for fixed trusts of abnormal trading or change in ownership
A trust that:
(a) was a listed widely held trust at all times in the income year (the test period ); and
(b) was not an excepted trust at all times in the test period;•
the condition in subsection
266-125(1)
; or
•
the condition in subsection
266-125(2)
.
Subdivision 266-D
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Effect of abnormal trading on listed widely held trust
SECTION 266-115
266-115
LISTED WIDELY HELD TRUST MAY BE REQUIRED TO WORK OUT ITS NET INCOME AND TAX LOSS IN A SPECIAL WAY
A trust that:
(a) was a listed widely held trust at all times in the income year (the test period ); and
(b) was not an excepted trust at all times in the test period;
must work out its net income and tax loss for the income year under Division 268 (How to work out a trust ' s net income and tax loss for the income year), unless it meets either:
Note:
See section 415-25 of the Income Tax Assessment Act 1997 if the trust was a designated infrastructure project entity during part, but not the whole, of the test period.
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