Section 52ZZM — Veterans' Entitlements Act 1986: Ordinary income of a company or trust

(1) For the purposes of this Subdivision, 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 5H(1); and (b) each reference in section 5H to a person included a reference to a company or trust; and (c) the following provisions had not been enacted: (i) section 46Q; (ii) subsection 5H(8); (iii) subsections 5H(12) and (12A); (iv) Divisions 1, 2, 3, 4, 6 and 7. (2) Paragraphs (1)(a) and (c) have effect subject to paragraph 52ZZK(1)(d). (3) A reference in this Subdivision 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 52ZZN or 52ZZO.