Commonwealth Consolidated Acts

INCOME TAX RATES ACT 1986 - SECT 14

  (1)   Where:

  (a)   the trustee of a resident trust estate is liable to be assessed and to pay tax under section   99 of the Assessment Act in respect of the net income or a part of the net income of the trust estate;

  (b)   in the case of a trust estate of a deceased person, the deceased person died not less than 3 years before the end of the year of income; and

  (c)   that net income or that part of the net income of the trust estate does not exceed $416;

no tax is payable under subsection   12(6) in respect of that net income or that part of the net income, as the case may be.

  (2)   Where:

  (a)   the trustee of a resident trust estate is liable to be assessed and to pay tax under section   99 of the Assessment Act in respect of the net income or a part of the net income of the trust estate;

  (b)   in the case of a trust estate of a deceased person, the deceased person died not less than 3 years before the end of the year of income; and

  (c)   that net income or that part of the net income of the trust estate exceeds $416 but does not exceed the net income phase - out limit;

the amount of tax payable by the trustee under subsection   12(6) in respect of that net income or that part of the net income shall not exceed 50% of the amount by which that net income or that part of the net income, as the case may be, exceeds $416, less any rebate or credit to which the trustee is entitled.

  (3)   The net income phase - out limit is the following amount rounded down to the nearest dollar: