Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 6 - Trust income  

SECTION 99H   LATE PAYMENTS  

99H(1)   [ Managed investment trusts]  

This section applies if:

(a) a beneficiary of a trust estate that is a managed investment trust is presently entitled to a share of the income of the trust estate of a year of income; and

(b) the beneficiary is a non-resident at the end of the year of income; and

(c) all or part of that share of the net income of the trust estate (the late amount ) has not been paid to the beneficiary by the end of the period applicable under subsection 12-405(4) in Schedule 1 to the Taxation Administration Act 1953 ; and

Note:

That subsection requires payments to be made before the end of 3 months after the end of the relevant year of income or within a longer period allowed by the Commissioner.

(d) if the late amount had been paid to the beneficiary within that period, the payment would have been a fund payment made by the trustee of the managed investment trust.

99H(2)   [ Late amounts]  

This Division applies as if that portion of the beneficiary ' s income that represents the late amount were income to which no beneficiary was presently entitled.

99H(3)   [ Excluded amounts]  

In working out the net income of the trust estate for the year of income for the purposes of subsection (1), disregard these amounts ( excluded amounts ):

(a) a dividend (as defined in Division 11A of Part III ) that is subject to, or exempted from, a requirement to withhold under Subdivision 12-F in Schedule 1 to the Taxation Administration Act 1953 ;

(b) interest (as so defined) that is subject to, or exempted from, such a requirement;

(c) a royalty that is subject to, or exempted from, such a requirement;

(d) a capital gain or capital loss from a CGT event that happens in relation to a CGT asset that is not taxable Australian property;

(e) amounts that are not from a source in Australia;

and disregard deductions relating to excluded amounts.