Section 102AAZE — Income Tax Assessment Act 1936: Accruals system of taxation does not apply to small amounts

An amount is not to be included in the assessable income of the taxpayer of a year of income under section 102AAZD in relation to a trust estate that is a listed country trust estate in relation to the year of income if the amount obtained by: (a) identifying each trust estate in relation to which the taxpayer is an attributable taxpayer in relation to the year of income; and (b) calculating the attributable income of the year of income of each such trust estate; and (c) adding the amounts calculated under paragraph (b); does not exceed the lesser of the following amounts: (d) $20,000; (e) 10% of the total of the net incomes of each of those trust estates of the year of income.