Section 1208 — Social Security Act 1991: Ordinary income of a company or trust

(1) For the purposes of this Division, the ordinary income of a company or trust is to be worked out as if: (a) exempt lump sums were not excluded from the definition of ordinary income in subsection 8(1); and (b) each reference in section 8 to a person included a reference to a company or trust; and (c) the following provisions had not been enacted: (i) subsection 8(7A); (ii) subsection 8(8); (iii) subsection 8(11); (iv) Part 3.10. (2) Paragraphs (1)(a) and (c) have effect subject to paragraph 1207Y(1)(d). (3) A reference in this Division to the ordinary income of a company or trust is a reference to the company’s or trust’s gross ordinary income from all sources calculated without any reduction, other than a reduction under section 1208A or 1208B.