Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 235.815

  (1)   This Subdivision applies to:

  (a)   the entity that has the beneficial interest in an * instalment trust asset as the beneficiary of an * instalment trust; and

  (b)   the trustee of the instalment trust.

  (2)   This Subdivision applies for the purposes of this Act, apart from:

  (a)   Part   VA of the Income Tax Assessment Act 1936 (which is about tax file numbers); and

  (b)   Subdivisions   12 - E, 12 - F and 12 - H in Schedule   1 to the Taxation Administration Act 1953 (which are about PAYG withholding).

Joint investments

  (3)   This Subdivision applies in relation to 2 or more entities that hold an interest in a trust as joint tenants, or as tenants in common, in the same way it applies in relation to a single entity that holds such an interest.

Note:   Each investor that is treated by this Subdivision as jointly owning an instalment trust asset is treated for CGT purposes as owning a separate asset: see section   108 - 7.