Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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 item of income or profit derived by the trust estate in the year of income:
(a) the income or profit is either:
(i) subject to tax in a listed country in a tax accounting period ending before the end of the year of income or commencing during the year of income; or
(ii) designated concession income in relation to any listed country;
(b) both of the following conditions are satisfied:
(i) a part of the income or profit is either:
(A) subject to tax in a listed country in a tax accounting period ending before the end of the year of income or commencing during the year of income; or
(B) designated concession income in relation to any listed country;
(ii) the remaining part, or each of the remaining parts, of the income or profit:
(A) is subject to tax in another listed country or in different listed countries, as the case may be, in a tax accounting period ending before the end of the year of income or commencing during the year of income; or
(B) is designated concession income in relation to any listed country.
(2) For the purposes of the application of subparagraph (1)(b)(ii) to a trust estate, if a particular part of an item of income or profit (which part is in this subsection called the item part ) derived by the trust estate is included, or would apart from Subdivision 50 - A or section 51 - 5, 51 - 10 or 51 - 30 of the Income Tax Assessment Act 1997 be included, in the assessable income of the trust estate of a year of income (in this subsection called the trust's year of income ) and one of the following paragraphs applies:
(a) both of the following conditions are satisfied:
(i) the trustee of the trust estate is liable to be assessed and pay tax under section 98, 99 or 99A in respect of a part of, or a share in, the net income of the trust estate of the trust's year of income;
(ii) the whole or a part of the part or share of the net income is attributable to the item part;
(b) all of the following conditions are satisfied:
(i) an amount is included in the assessable income of another taxpayer of the trust's year of income or the next following year of income (which taxpayer is in this subsection called the actual taxpayer ) under subsection 92(1) or section 97, 98A or 100;
(ii) the actual taxpayer is:
(A) a company or a natural person (other than a company or a natural person in the capacity of a trustee); or
(B) the trustee of a complying superannuation fund, a non - complying superannuation fund, a complying approved deposit fund, a non - complying approved deposit fund or a pooled superannuation trust in relation to the year of income concerned; or
(D) the trustee of a public trading trust in relation to the year of income concerned; or
(E) the trustee of a trust estate who is liable to be assessed and pay tax under section 98, 99 or 99A in respect of a part of, or a share in, the net income of a trust estate;
(iii) if sub - subparagraph (ii)(A), (B), (C) or (D) applies--the whole or a part of the amount so included in the actual taxpayer's assessable income is attributable (either directly or indirectly through one or more interposed partnerships or trusts) to the item part;
(iv) if sub - subparagraph (ii)(E) applies--the whole or a part of the part or share of the net income is attributable (either directly or indirectly through one or more interposed partnerships or trusts) to the item part;
(c) both of the following conditions are satisfied:
(i) trustee beneficiary non - disclosure tax is payable under Division 6D on the whole or part (the net income amount ) of a share of the net income of the trust estate of the trust's year of income;
(ii) the whole or part of the net income amount is attributable to the item part;
the item part is to be treated as if it were subject to tax in a listed country in a tax accounting period ending before the end of the trust's year of income.
(3) For the purposes of this section, where a part of a particular item of income or profits derived by an entity would, if it were a separate item of income or profits, be taken to be subject to tax in a listed country in a particular tax accounting period, that part is taken to be subject to tax in that listed country in that tax accounting period.