INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 115 - Discount capital gains and trusts ' net capital gains  

Subdivision 115-B - Discount percentage  

SECTION 115-120   Foreign or temporary residents - trusts with certain gains  

115-120(1)  
The object of this section is to adjust the discount percentage so as to deny a trustee a discount for a * capital gain for which the trustee is liable:


(a) to be assessed; and


(b) to pay tax;

under section 98 of the Income Tax Assessment Act 1936 in relation to the trust estate in respect of a beneficiary to the extent that the beneficiary was a foreign resident or * temporary resident.

115-120(2)  
This section applies to a * discount capital gain of a trust estate if:


(a) you are the trustee of that trust; and


(b) section 115-220 applies to you in relation to the discount capital gain and a beneficiary of the trust who is an individual.

115-120(3)  
The percentage resulting from this section is the same as the * discount percentage for the corresponding * discount capital gain the beneficiary would have made for the purposes of Division 102 had section 115-215 applied to the beneficiary.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.