Income Tax Assessment Act 1936

Sections and provisions with full text and the judgments that cite each one.

Section 102UD — Trustee beneficiary

A person is a trustee beneficiary of a closely held trust if the person is a beneficiary of the trust in the capacity of trustee of another trust.

Section 102AAE — Listed country trust estates

(1) For the purposes of this Division, a trust estate is taken to be a listed country trust estate in relation to a year of income if, and only if, either of the following paragraphs applies to each…

Section 102AAZE — 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…

Section 102AE — Eligible assessable income

(1) For the purposes of this Division, the eligible assessable income of a year of income of a person is so much of the assessable income of the person of the year of income as is not excepted…

Section 102UE — Meaning of untaxed part

(1) The untaxed part of a share of the net income of a closely held trust is so much of that share as is not covered by subsection (2). (2) The share of the net income of the closely held trust is…

Section 102AAF — Public unit trusts

(1) Subject to this section, for the purposes of this Division, a unit trust is a public unit trust at all times during a year of income if either of the following conditions are satisfied: (a) at…

Section 102AAZF — Only resident partners, beneficiaries etc. liable to be assessed as a result of attribution

Section 460 applies to an amount included in the assessable income of a taxpayer under section 102AAZD in a corresponding way to the way in which section 460 applies to an amount included in the…

Section 102AF — Employment income and business income

(1) A reference in this Division to employment income is to be read as a reference to: (a) work and income support related withholding payments and benefits; and (b) payments made for services…

Section 102AAG — When entity is in a position to control a trust estate

(1) For the purposes of this Division, an entity is taken to be in a position to control a trust estate if, and only if: (a) a group in relation to the entity had the power by means of the exercise…

Section 102AAZG — Keeping of records

(1) Subject to this section, a person who is an attributable taxpayer: (a) in relation to the year of income of the person commencing on 1 July 1990 or in relation to a subsequent year of income of…

Section 102AG — Trust income to which Division applies

(1) Where a beneficiary of a trust estate is a prescribed person in relation to a year of income, this Division applies to so much of the share of the beneficiary of the net income of the trust…

Section 102UG — Correct TB statement

Share of net income case (1) This section applies if a share of the net income of a closely held trust for a year of income is included in the assessable income of a trustee beneficiary of the trust…

Section 102AAH — Non-resident family trusts

(1) Subject to subsections (4) and (5), for the purposes of this Division, a trust estate is a non-resident family trust in relation to a natural person at a particular time if, and only if, at that…

Section 102UH — TB statement period

The TB statement period, for the trustee of a trust in relation to a year of income, is the period from the end of the year of income until the end of: (a) the period within which the trustee is…

Section 102UI — Tax-preferred amount

The expression “tax-preferred amount” of a trust means: (a) income of the trust that is not included in its assessable income in working out its net income; or (b) capital of the trust.

Section 102AAJ — Transfer of property or services

(1) A reference in this Division to the transfer of property or services to a trust estate includes a reference to the transfer of such property or services by way of the creation of the trust…

Section 102UJ — Extended concept of present entitlement to capital of a trust

For the purposes of this Division, section 95A applies in relation to capital of a trust in the same way as it applies to income of the trust.

Section 102AAK — Deemed transfers of property or services to trust estate

(1) For the purposes of this Division, where an entity (in this subsection called the prime entity) causes another entity to actually transfer property or services to a trust estate, the prime entity…

Section 102UK — Trustee beneficiary non-disclosure tax where no correct TB statement

(1) Subject to subsection (2A), this section applies if: (a) a share of the net income of a closely held trust for a year of income is included in the assessable income of a trustee beneficiary of…

Section 102AAL — Division not to apply to transfers by trustees of deceased estates

A reference in this Division to a transfer of property or services to a trust estate does not include a reference to a transfer made by the trustee of the estate of a deceased person under: (a) the…

Section 102UL — Exclusion of directors of closely held trust from liability to pay tax

(1) This section applies if a director of a company that is the trustee of the closely held trust is included in the trustee group under section 102UK. Director not taking part in statement decision…

Section 102AAM — Payment of interest by taxpayer on distributions from certain non-resident trust estates

(1) For the purposes of this section, if: (a) an amount is included in the assessable income of a taxpayer of a year of income (which year of income is in this section called the current year of…

Section 102M — Interpretation

In this Division, unless the contrary intention appears: arrangement has the same meaning as in the Income Tax Assessment Act 1997. eligible investment business means one or more of: (a) investing in…

Section 102UM — Trustee beneficiary non-disclosure tax where share is distributed to trustee of closely held trust

(1) This section applies if: (a) a share of the net income of a closely held trust for a year of income is included in the assessable income of a trustee beneficiary of the trust under section 97;…

Section 102AAN — Collection etc. of interest

Sections 170, 172, 174, 254 and 255 of this Act, and Division 5 of the Income Tax Assessment Act 1997 (How to work out when to pay your income tax), apply to interest payable under section 102AAM in…

Section 102N — Trading trusts

(1) For the purposes of this Division, a unit trust is a trading trust in relation to a year of income if, at any time during the year of income, the trustee: (a) carried on a trading business; or…

Section 102UN — Amount of trustee beneficiary non-disclosure tax reduced by notional tax offset

(1) This section applies to trustee beneficiary non-disclosure tax that a trustee group would otherwise be liable to pay on the whole or part of a share of the net income of a closely held trust. (2)…

Section 102UO — Payment of trustee beneficiary non-disclosure tax

Due date (1) Trustee beneficiary non-disclosure tax is due and payable at the end of: (a) 21 days after the TB statement period concerned ends; or (b) such later day as the Commissioner, in special…

Section 102P — Public unit trusts

(1) For the purposes of this Division, but subject to the succeeding provisions of this section, a unit trust is a public unit trust in relation to a year of income if, at any time during the year of…

Section 102UP — Late payment of trustee beneficiary non-disclosure tax

If any of the trustee beneficiary non-disclosure tax which a person is liable to pay remains unpaid 60 days after the day by which it is due to be paid, the person is liable to pay the general…

Section 102Q — Resident unit trusts

For the purposes of this Division, a unit trust is a resident unit trust in relation to a year of income if, at any time during the year of income: (a) either of the following conditions was…

Section 102R — Public trading trusts

(1) A unit trust is a public trading trust in relation to a relevant year of income if: (a) where the relevant year of income is the year of income that commenced on 1 July 1985, the year of income…

Section 102UR — Notice of liability

(1) The Commissioner may give a person or persons, by post or otherwise, a notice specifying: (a) the amount of any trustee beneficiary non-disclosure tax that the Commissioner has ascertained is…

Section 102AAS — Object of Subdivision

The object of this Subdivision is to set out rules relating to the following: (a) the determination of attributable taxpayer status (section 102AAT); (b) the calculation of the attributable income of…

Section 102S — Taxation of net income of public trading trust

The trustee of a unit trust that is a public trading trust in relation to a relevant year of income shall be assessed and is liable to pay tax on the net income of the public trading trust of the…

Section 102AAT — Accruals system of taxation—attributable taxpayer

(1) Subject to this Division, for the purposes of this Division, an entity is an attributable taxpayer in relation to a year of income of the entity (which year of income is in this section called…

Section 102T — Modified application of Act in relation to certain unit trusts

(1) For the purpose of the application of this Act in relation to the imposition, assessment and collection of tax in respect of: (a) the net income of a public trading trust; and (b) the income or…

Section 102UT — Requirement to make correct TB statement about trustee beneficiaries of tax-preferred amounts

(1) If, at the end of a year of income: (a) a trustee beneficiary of a closely held trust is presently entitled to a share of a tax-preferred amount of the trust; and (b) the trustee of the closely…

Section 102AAU — Attributable income of a trust estate

(1) Subject to this Subdivision, the attributable income of a non-resident trust estate of a year of income is: (a) if the non-resident trust estate is not a listed country trust estate in relation…

Section 102UU — Trustee beneficiary may quote tax file number to trustee of closely held trust

A trustee beneficiary in respect of: (a) a share of the net income of a closely held trust for a year of income that is included in the assessable income of the trustee beneficiary of the trust under…

Section 102AAV — Double tax agreements to be disregarded

In calculating the attributable income of a trust estate, the International Tax Agreements Act 1953 is to be disregarded, except for the purpose of references in this Act to that Act.

Section 102UV — Trustee of closely held trust may record etc. tax file number

(1) This section applies if a trustee beneficiary in respect of: (a) a share of the net income of a closely held trust for a year of income that is included in the assessable income of the trustee…

Section 102V — Application of Division to non-share dividends

(1) This Division: (a) applies to a non-share equity interest in the same way as it applies to a share; and (b) applies to an equity holder in the same way as it applies to a shareholder; and (c)…

Section 102AAW — Certain provisions to be disregarded in calculating attributable income

(1) For the purpose of applying this Act in calculating the attributable income of a trust estate, sections 23AI, 128D, 456, 457, and 459A of this Act and section 802-15 of the Income Tax Assessment…

Section 102UW — Application of Division

This Division applies if: (a) the net income of a trust estate exceeds nil; and (b) any of the following things are taken into account in working out the net income of the trust estate: (i) a capital…

Section 102UX — Adjustment of Division 6 assessable amount in relation to capital gains, franked distributions and franking credits

(1) Make the assumptions in the following subsections for the purposes of working out in accordance with Division 6 an amount: (a) included in the assessable income of a beneficiary of a trust estate…