Income Tax Assessment Act 1936
SCHEDULE 2F
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TRUST LOSSES AND OTHER DEDUCTIONS
Division 268
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How to work out a trust
'
s net income and tax loss for the income year
If:
(a) a trust ' s net income and tax loss for the income year are required by section 266-30 to be worked out under this Division; and
(b) the trust did not meet the requirements of subsections 266-45(2) and (4) ;
The first period begins at the beginning of the income year. Each later period begins immediately after the end of the previous period.
The last period ends at the end of the income year. Each period (except the last) ends at the latest time that would result in the trust passing the 50% stake test for the whole of the period.
Subdivision 268-B
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Dividing the income year into periods
SECTION 268-10
INCOME YEAR OF FIXED TRUST TO BE DIVIDED INTO PERIODS
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FIRST CASE
268-10(1)
If:
(a) a trust ' s net income and tax loss for the income year are required by section 266-30 to be worked out under this Division; and
(b) the trust did not meet the requirements of subsections 266-45(2) and (4) ;
the income year is divided into periods as follows.
268-10(2)The first period begins at the beginning of the income year. Each later period begins immediately after the end of the previous period.
268-10(3)
The last period ends at the end of the income year. Each period (except the last) ends at the latest time that would result in the trust passing the 50% stake test for the whole of the period.
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