Income Tax Assessment Act 1936
If a trust ' s net income and tax loss for the income year are required by section 266-80 , 266-115 or 266-155 to be worked out under this Division, the income year is divided into periods as follows. 268-20(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 time at which there is an abnormal trading in the trust ' s units, where the trust does not pass the 50% stake test in respect of the following times:
(a) the beginning of the period;
(b) immediately after the abnormal trading. 268-20(4)
However, what would, apart from this subsection, be 2 or more successive periods are treated as a single period if:
(a) the trust is a listed widely held trust; and
(b) during all of the periods the trust passed the business continuity test in relation to the time immediately before the end of the first of the successive periods.
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