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  


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

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
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)


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.

The trust is not covered by a reference in the applied law to a trust.


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) ).

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 ).


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

Modifications of specific provisions


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1 (Repealed by No 23 of 2018)
2 (Repealed by No 23 of 2018)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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