Section HC 19 — Income Tax Act 2007: Taxable distributions from non-complying trusts

HC 19 Taxable distributions from non-complying trusts Excluded income (1) An amount that a person derives in an income year as a taxable distribution from a non-complying trust is excluded income of the person under section CX 59 (Taxable distributions from non-complying trusts). Relationship with other provisions (2) Despite subsection (1), section BF 1(b) (Other obligations) applies to impose income tax on the amount of the taxable distribution. Section HC 22 may apply to reduce the amount of the taxable distribution, and section HC 34 sets the rate of tax for the purposes of section BF 1(b) . Defined in this Act: amount , excluded income , income tax , income year , non-complying trust , taxable distribution , Compare: 2004 No 35 s HH 3(1), (4)