S 296 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years. S 296 formerly read:
SECTION 296 LIABILITY TO TAXATION
296(1)
[Trustee to pay tax]
The trustee of a PST is liable to pay tax on the taxable income of the trust of the year of income.
296(2)
[Income subject to tax]
Except as provided by Division
11A
of Part
III
, the income of a PST of the year of income is not subject to tax except as provided by this Part.
History
Archived:
S 296(3) repealed as inoperative by
No 101 of 2006
, s 3 and Sch 1 item 169, effective 14 September 2006. For
application and savings provisions
and for former wording see the
CCH Australian Income Tax Legislation archive
.
S 296 inserted by No 97 of 1989 and amended by No 105 of 1989.