Income Tax Assessment Act 1997
This section applies if there is an increase as mentioned in paragraph 276-810(2)(a) . 276-815(2)
If the character mentioned in subsection 276-810(2) relates to assessable income, treat the amount of the increase as assessable income of the trust for the discovery year. 276-815(3)
Subsection (4) applies if the character mentioned in subsection 276-810(2) is the character of:
(a) a *discount capital gain from a *CGT asset that is *taxable Australian property; or
(b) a discount capital gain from a CGT asset that is not taxable Australian property. 276-815(4)
For the purposes of subsection (2), treat the amount of the increase as being double what it would be apart from this subsection. 276-815(5)
If that character relates to *exempt income, treat the amount of the increase as exempt income of the trust for the discovery year. 276-815(6)
If that character relates to *non-assessable non-exempt income, treat the amount of the increase as non-assessable non-exempt income of the trust for the discovery year. 276-815(7)
If that character relates to a *tax offset, treat the amount of the increase as a tax offset of the trust for the discovery year of a kind corresponding to that character (in addition to any other tax offsets of that kind that the trust may have for the discovery year).
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