INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) a trustee of a trust estate makes an estate taxation statement; and
(b) that statement treated an income tax law as applying in relation to a matter or identical matters in a particular way; and
(c) a taxpayer who is or has been a beneficiary of the estate has an estate shortfall excess for a year in relation to the statement; and
(d) the net income of the estate for a year would have been reduced, or a loss of the estate for that year would have been increased, because of the treatment by an amount that exceeds whichever is the higher of:
(i) $20,000; or
(ii) 2% of the net income of the estate (if any) calculated on the basis of the estate's return for that year; and
(e) when the statement was made, it was not reasonably arguable that the way in which the application of the law was treated was correct;
then the excess is a tax shortfall of the trustee for that year to which section 226K applies.226S(2) [Taxpayer in capacity of trustee]
Subsection (1) does not mean that a reference in this Part to a taxpayer does not include a reference to a taxpayer in the capacity of a trustee.
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