Income Tax Assessment Act 1997



Division 115 - Discount capital gains and trusts ' net capital gains  

Subdivision 115-B - Discount percentage  

SECTION 115-120   Foreign or temporary residents - trusts with certain gains  

The object of this section is to adjust the discount percentage so as to deny a trustee a discount for a * capital gain for which the trustee is liable:

(a) to be assessed; and

(b) to pay tax;

under section 98 of the Income Tax Assessment Act 1936 in relation to the trust estate in respect of a beneficiary to the extent that the beneficiary was a foreign resident or * temporary resident.

This section applies to a * discount capital gain of a trust estate if:

(a) you are the trustee of that trust; and

(b) section 115-220 applies to you in relation to the discount capital gain and a beneficiary of the trust who is an individual.

The percentage resulting from this section is the same as the * discount percentage for the corresponding * discount capital gain the beneficiary would have made for the purposes of Division 102 had section 115-215 applied to the beneficiary.


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