Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 195-120 Beneficiary of a CCIV sub-fund trust has fixed entitlements to shares of income and capital of the trust 195-120(1)
A *beneficiary of a *CCIV sub-fund trust is taken to have a fixed entitlement to a share of income of the trust that the trust derives from time to time. At a particular time, that share is equal to the percentage worked out using the formula:
| Beneficiary dividends | × 100 |
| Total dividends |
where:
beneficiary dividends
is the total of the *dividends that the *beneficiary has a right to receive because of *shares that the beneficiary holds at that time and are *referable to the *sub-fund.
total dividends
is the total of all *dividends that are payable on all *shares that are on issue at that time and are *referable to the *sub-fund.
195-120(2)
A *beneficiary of a *CCIV sub-fund trust is taken to have a fixed entitlement to a share of the capital of the trust at a particular time equal to the percentage worked out using the formula:
| Beneficiary capital distribution | × 100 |
| Total capital distribution |
where:
beneficiary capital distribution
is the amount of a distribution of paid-up capital (in the event of a return of capital) that the *beneficiary has a right to receive because of *shares that the beneficiary holds at that time and are *referable to the *sub-fund.
total capital distribution
is the total distribution of paid-up capital (in that event) payable on all *shares that are on issue at that time and are *referable to the *sub-fund.
195-120(3)
A fixed entitlement that exists because of this section is taken to be a fixed entitlement within the meaning given by sections 272-5 , 272-10 , 272-15 and 272-40 in Schedule 2F to the Income Tax Assessment Act 1936 .
Note:
This is relevant to, for example, the definition of fixed entitlement in subsection 102UC(4) of the Income Tax Assessment Act 1936 .
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
