Income Tax Assessment Act 1997
An amount on which * managed investment trust withholding tax is payable is not assessable income and is not * exempt income of an entity.
Subsection (1) does not apply to an Australian resident to the extent that:
(a) *managed investment trust withholding tax is payable on the amount because of subsection 840-805(4D) ; and
(b) the Australian resident is entitled, directly or indirectly, to the amount.
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