Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 95AAC

  (1)   Subsection   (2) applies if an amount in respect of which a trustee of a trust estate is liable to be assessed (and pay tax) under section   98 in respect of the beneficiary is increased because of Subdivision   115 - C or 207 - B of the Income Tax Assessment Act 1997 .

  (2)   For the purposes of a provision of this Act (other than a provision mentioned in subsection   (5)), treat the amount of the increase as being an amount in respect of which the trustee is liable to be assessed (and pay tax) under section   98 in respect of the beneficiary's interest in or share of the net income of the trust estate.

  (3)   Subsection   (4) applies if an amount in respect of which a trustee of a trust estate is liable to be assessed (and pay tax) under section   99 or 99A is increased because of Subdivision   115 - C or 207 - B of the Income Tax Assessment Act 1997 .

  (4)   For the purposes of a provision of this Act (other than a provision mentioned in subsection   (5)), treat the amount of the increase as being an amount in respect of which the trustee is liable to be assessed (and pay tax) under section   99 or 99A in respect of the net income of the trust estate.

  (5)   The provisions are as follows:

  (a)   sections   97, 98A (other than subsection   98A(2)) and 100 (other than subsections   100(2) and (3));

  (b)   sections   98, 99 and 99A;

  (c)   Subdivisions   115 - C and 207 - B of the Income Tax Assessment Act 1997 .

  (6)   To avoid doubt, subsections   (2) and (4) apply despite subsection   6(1AA).