New Business Tax System (Debt and Equity) Act 2001 (163 of 2001)

Schedule 1   Debt and equity interests

Part 2   Amendment of the Income Tax Assessment Act 1936

Income Tax Assessment Act 1936

102   After Subdivision C of Division 7A of Part IIIAA

Insert:

Subdivision CA - Extension of Part to non-unit dividends

160ARDHA Definitions

In this Subdivision:

corporate trust distribution means a distribution, or an amount credited, that would be a corporate trust dividend if references in the definitions of unit trust dividend in subsections 102D(1) and section 102M to a unitholder were references to an equity holder.

equity holder in a corporate trust estate means the holder of an equity interest in the corporate trust estate.

equity interest in a corporate trust estate means:

(a) a unit in the corporate trust estate; or

(b) any other interest that would be an equity interest in the corporate trust estate if references in Division 974 of the Income Tax Assessment Act 1997 to a company included references to a corporate trust estate.

non-unit dividend means a corporate trust distribution that is not a corporate trust dividend.

non-unit equity interest in a corporate trust estate means an equity interest in the corporate trust estate that is not a unit in the corporate trust estate.

160ARDHB Application of Part generally to non-unit dividends etc.

(1) If a provision of this Part that applies to a dividend:

(a) is taken under this Division to apply to a corporate trust dividend; and

(b) applies to a non-share dividend in the same way as it applies to a dividend;

that provision also applies to a non-unit dividend in the same way as it applies to a dividend.

(2) If a provision of this Part that applies to a share:

(a) is taken under this Division to apply to a unit in a corporate trust estate; and

(b) applies to a non-share equity interest in a company in the same way as it applies to a share;

that provision also applies to a non-unit equity interest in a corporate trust estate in the same way as it applies to a share.

(3) If a provision of this Part that applies to a shareholder:

(a) is taken under this Division to apply to a unitholder; and

(b) applies to an equity holder in a company who is not a shareholder in the same way as it applies to a shareholder;

that provision also applies to an equity holder in a corporate trust estate who is not a unitholder in the same way as it applies to a shareholder.

160ARDHC Application of this Subdivision to non-unit dividends etc.

(1) A provision of this Division (other than this Subdivision) that applies to a corporate trust dividend applies to a non-unit dividend in the same way as it applies to a corporate trust dividend.

(2) A provision of this Division (other than this Subdivision) that applies to a unit in a corporate trust estate applies to a non-unit equity interest in a corporate trust estate in the same way as it applies to a unit in a corporate trust estate.

(3) A provision of this Division (other than this Subdivision) that applies to a unitholder in a corporate trust estate applies to an equity holder in a corporate trust estate who is not a unitholder in the same way as it applies to a unitholder.