Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 195.127

  (1)   A * beneficiary of a * CCIV sub - fund trust:

  (a)   is taken to have an individual interest in the exempt income of the trust estate from time to time; and

  (b)   is taken to have an individual interest in the * non - assessable non - exempt income of the trust estate from time to time.

  (2)   The individual interest referred to in paragraph   (1)(a) or (b) is the same as the share (of income that the trust derives from time to time) to which the beneficiary has a * fixed entitlement under subsection   195 - 120(1).

  (3)   Except as provided in this section, a * beneficiary of a * CCIV sub - fund trust is not taken to have an individual interest in the exempt income, or * non - assessable non - exempt income, of the trust estate.