Income Tax Assessment Act 1936
(a) a trust ' s net income and tax loss for the income year are required by section 266-30 to be worked out under this Division; and
(b) the trust met the requirements of subsections 266-45(2) and (4) ;
the income year is divided into periods as follows.268-15(2)
The first period begins at the beginning of the income year. Each later period begins immediately after the end of the previous period.
The last period ends at the end of the income year. Each period (except the last) ends at the earliest of:
(a) the latest time that would result in the persons holding fixed entitlements to shares of the income or shares of the capital of:
(i) if the trust met the requirements of paragraph 266-45(2)(a) - the trust; or
and the percentages of the shares that they hold, remaining the same during the whole of the period; and
(ii) if the trust met the requirements of paragraph 266-45(2)(b) - the holding entity mentioned in that paragraph;
(b) the times that, for all of the non-fixed trusts (other than excepted trusts) holding directly or indirectly a fixed entitlement to a share of the income or capital of the trust at any time during the income year, are the latest times that would result in individuals having more than a 50% stake in their income or capital; and
(c) the earliest time in the period when a group begins to control a non-fixed trust (other than an excepted trust) that holds directly or indirectly a fixed entitlement to a share of the income or capital of the trust at any time during the income year.
To find out when a group begins to control a trust: see Subdivision 269-E .
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