Income Tax Assessment Act 1936
The untaxed part of a share of the net income of a closely held trust is so much of that share as is not covered by subsection (2).102UE(2) [ Parts not untaxed]
(a) the trustee of the closely held trust is assessed and liable to pay tax under subsection 98(4) in respect of the share; or
(b) the share is reasonably attributable to a part of the net income of another trust estate in respect of which the trustee of the other trust estate is assessed and liable to pay tax under subsection 98(4) ; or
(c) the share is represented by or reasonably attributable to an amount from which an entity was required to withhold an amount under Subdivision 12-H in Schedule 1 to the Taxation Administration Act 1953 ; or
(d) the share is reasonably attributable to a part of the net income of another trust estate in respect of which the trustee of the other trust estate was liable to pay trustee beneficiary non-disclosure tax.
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