Income Tax Assessment Act 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

Division 266 - Income tax consequences for fixed trusts of abnormal trading or change in ownership  

Subdivision 266-C - Effect of change in ownership of unlisted widely held trust  

SECTION 266-80   UNLISTED WIDELY HELD TRUST MAY BE REQUIRED TO WORK OUT ITS NET INCOME AND TAX LOSS IN A SPECIAL WAY  

Type of trust to which this section applies - case 1

266-80(1)  
A trust that:


(a) was an unlisted widely held trust at all times in the income year (the test period ); and


(b) was not a wholesale widely held trust at all times in the test period; and


(c) was not an unlisted very widely held trust at all times in the test period; and


(d) was not an excepted trust at all times in the test period;

must work out its net income and tax loss for the income year under Division 268 (How to work out a trust ' s net income and tax loss for the income year), unless it meets the condition in section 266-90 .

Type of trust to which this section applies - case 2

266-80(2)  
A trust that:


(a) was an unlisted widely held trust, other than an unlisted very widely held trust or a wholesale widely held trust, at some time in the income year (the test period ); and


(b) was a listed widely held trust at all other times in the test period; and


(c) was not an excepted trust at all times in the test period;

must work out its net income and tax loss for the income year under Division 268 (How to work out a trust ' s net income and tax loss for the income year), unless it meets the condition in section 266-90 .

Note:

See section 415-25 of the Income Tax Assessment Act 1997 if the trust was a designated infrastructure project entity during part, but not the whole, of the test period.


 

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