Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 115.222

  (1)   Subsection   (2) applies if:

  (a)   you are the trustee of the trust estate; and

  (b)   section   99A of the Income Tax Assessment Act 1936 does not apply in relation to the trust estate in relation to the relevant income year.

  (2)   For each * capital gain of the trust estate, increase the amount (the assessable amount ) in respect of which you are liable to be assessed (and pay tax) under section   99 of the Income Tax Assessment Act 1936 in relation to the trust estate by the amount mentioned in subsection   115 - 225(1).

  (3)   Subsection   (4) applies if:

  (a)   you are the trustee of the trust estate; and

  (b)   subsection   (2) does not apply.

  (4)   For each * capital gain of the trust estate, increase the amount (the assessable amount ) in respect of which you are liable to be assessed (and pay tax) under section   99A of the Income Tax Assessment Act 1936 in relation to the trust estate by:

  (a)   if the capital gain was not reduced under either step 3 of the method statement in subsection   102 - 5(1) (discount capital gains) or Subdivision   152 - C (small business 50% reduction)--the amount mentioned in subsection   115 - 225(1); and

  (b)   if the capital gain was reduced under either step 3 of the method statement or Subdivision   152 - C but not both (even if it was further reduced by the other small business concessions)--twice the amount mentioned in subsection   115 - 225(1); and

  (c)   if the capital gain was reduced under both step 3 of the method statement and Subdivision   152 - C (even if it was further reduced by the other small business concessions)--4 times the amount mentioned in subsection   115 - 225(1).

  (5)   To avoid doubt, increase the assessable amount under subsection   (2) or (4) even if the assessable amount is nil.