Income Tax Assessment Act 1936
SCHEDULE 2F
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TRUST LOSSES AND OTHER DEDUCTIONS
Division 266
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Income tax consequences for fixed trusts of abnormal trading or change in ownership
If this section is being applied for the purposes of section 266-75 or 266-85 , on each occasion when either of the following events occurs:
(a) an abnormal trading in the trust ' s units occurs during the test period;
(b) an income year of the trust ends during the test period (including at the end of the test period);
(c) the beginning of the test period;
(d) immediately after the event occurs.
If this section is being applied for the purposes of section 266-80 , on each occasion when an abnormal trading in the trust ' s units occurs during the test period, the trust must pass the 50% stake test in respect of the following times:
(a) the beginning of the test period; and
(b) immediately after the abnormal trading occurs.
Subdivision 266-C
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Effect of change in ownership of unlisted widely held trust
SECTION 266-90
IF ABNORMAL TRADING OR END OF INCOME YEAR, TRUST MUST PASS THE 50% STAKE TEST
266-90(1)
If this section is being applied for the purposes of section 266-75 or 266-85 , on each occasion when either of the following events occurs:
(a) an abnormal trading in the trust ' s units occurs during the test period;
(b) an income year of the trust ends during the test period (including at the end of the test period);
the trust must pass the 50% stake test in respect of the following times:
(c) the beginning of the test period;
(d) immediately after the event occurs.
To find out whether the trust passes the 50% stake test: see Subdivision 269-C .
266-90(2)If this section is being applied for the purposes of section 266-80 , on each occasion when an abnormal trading in the trust ' s units occurs during the test period, the trust must pass the 50% stake test in respect of the following times:
(a) the beginning of the test period; and
(b) immediately after the abnormal trading occurs.
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