Section HC 5 — Income Tax Act 2007: Amounts derived by trustees

HC 5 Amounts derived by trustees Either beneficiary or trustee income (1) An amount of income derived in an income year by a trustee of a trust is either— (a) beneficiary income under section HC 6 ; or (b) trustee income under section HC 7 . Statutory amounts treated as derived (2) For the purposes of subsection (1) and sections HC 6 and HC 7 , if the trustee is treated as having an amount of income in the income year under a provision in this Act and the amount is not derived under ordinary concepts, then the amount is treated as derived in the income year. Defined in this Act: amount , beneficiary income , income , income year , trustee , trustee income , Compare: 2004 No 35 s OB 1 “ beneficiary income ” , “ trustee income ”