INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 713 - Rules for particular kinds of entities  

Subdivision 713-C - Some unit trusts treated like head companies of consolidated groups  

Effects of choice

SECTION 713-140   Modifications of the applied law  

Overview

713-140(1)  
This section describes modifications of the applied law in its application in relation to a trust or trustee under section 713-135 , but does not limit the modifications of that law that are appropriate for the purposes of that section. General modifications

713-140(2)  
A reference in the applied law to a thing or person described in column 2 of an item of the table includes a reference to a thing or person described in column 3 of the item.


General modifications
Column 1
Item
Column 2
A reference in the applied law to:
Column 3
Includes a reference to:
1 A body corporate The trust or trustee (as appropriate)
2 A dividend A distribution from the trust, so far as the distribution is from profits
3 A share capital account The amount of the trust estate that is not attributable to profits
4 A director (of a company, body corporate or corporation) The trustee or, if the trustee is a body corporate, a director of the trustee (as appropriate)

Note:

An expression in column 2 of an item of the table has the meaning that the expression has in the provision of the applied law containing the reference.

713-140(3)  
The trust is not covered by a reference in the applied law to a trust.

Note:

Subsections (3) and (4) of this section do not affect an entity ' s liability for criminal, civil and administrative penalties under the applied law, as those subsections modify (so far as appropriate) the applied law as it applies because of subsection 713-135(1) , and that subsection does not affect liability for such penalties (see subsection 713-135(3) ).

713-140(4)  
The trustee is not covered by a reference in the applied law to a trustee (except a reference in section 254 of the Income Tax Assessment Act 1936 ).

Note:

Section 254 of the Income Tax Assessment Act 1936 deals with obligations and liabilities of trustees.

Modifications of specific provisions

713-140(5)  


A provision of an Act identified in an item of the table is modified as set out in the item.


Modifications of specific provisions
Item Act(s) Provision Modification
1 (Repealed by No 23 of 2018)
2 (Repealed by No 23 of 2018)
3 Income Tax Assessment Act 1997 Division 83A The Division does not apply in relation to an *ESS interest acquired under an *employee share scheme before the day specified in the choice if the Division did not apply in relation to the interest before that day.
4 Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 Part 3-90 (of each Act) The Part has effect as if an entity were a *wholly-owned subsidiary of the trust if the entity would have been one had the trustee owned beneficially *membership interests in the entity that the trustee owned legally.


 

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