Income Tax Assessment Act 1936
If a trust ' s net income and tax loss for the income year are required by section 267-60 to be worked out under this Division, the income year is divided into periods as follows. 268-25(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. 268-25(4)
If the condition in subsection 267-70(2) applies but the trust does not meet the condition, each period (except the last) ends at the earlier of:
(a) the latest time, after the test time mentioned in that section, that would result in the same individuals having more than a 50% stake in the income or the capital, as the case requires, of the trust during the whole of the period; or
(b) the earliest time when a group begins to control the trust directly or indirectly. 268-25(5)
If the condition in subsection 267-70(2) does not apply, or does apply and the trust meets the condition, each period (except the last) ends at the earliest time when a group begins to control the trust directly or indirectly.
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