Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies for the purposes of determining whether an entity is * connected with you, for the purposes of:
(a) this Subdivision; and
(b) sections 328 - 110, 328 - 115 and 328 - 125 so far as they relate to this Subdivision.
(2) The trustee of a discretionary trust may nominate not more than 4 beneficiaries as being controllers of the trust for an income year (the relevant income year ) for which the trustee did not make a distribution of income or capital if the trust had a * tax loss, or no * net income, for that year.
(3) A nomination under subsection (2) has effect as if each nominated beneficiary controlled the trust for the relevant income year in a way described in section 328 - 125.
Note: This means each nominated beneficiary is connected with the trust.
(4) A nomination under subsection (2) must:
(a) be in writing; and
(b) be signed by the trustee and by each nominated beneficiary.