Commonwealth Numbered Acts

Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT 67

67. (1) Subject to this section, the amendments made by sections 17, 18 and 19
apply in relation to income of a trust estate of the year of income of the
trust estate in which 18 May 1983 occurred and of all subsequent years of
income.

(2) Where-

   (a)  but for this sub-section, a trustee of a trust estate would be
        assessed and liable to pay tax in pursuance of sub-section 98 (3) or
        (4) of the Principal Act as amended by this Act in respect of the net
        income or a part of the net income of the trust estate of the year of
        income of the trust estate in which 18 May 1983 occurred (which income
        is in this sub-section referred to
as the ''relevant trust income''); and

   (b)  the whole or a part of the relevant trust income was paid to, or
        applied for the benefit of, a beneficiary of the trust estate before
        that date, the trustee shall be assessed and is liable to pay tax in
        pursuance of that sub-section in respect of so much only of the
        relevant trust income as was not paid to, or applied for the benefit
        of, a beneficiary of the trust estate before that date.

(3) Where-

   (a)  income of a trust estate of the year of income of the trust estate in
        which 18 May 1983 occurred was paid to, or applied for the benefit of,
        a beneficiary of the trust estate before that date; and

   (b)  but for sub-section (2), the trustee of the trust estate would have
        been assessed and liable to pay tax in respect of that income, the
        assessable income of the beneficiary of the year of income shall
        include any part of the net income of the trust estate of the year of
        income in which that date occurred that was paid to, or applied for
        the benefit of, the beneficiary (whether before or after that date).

(4) Where sub-section (3) applies in relation to a beneficiary in relation to
a year of income, there shall be deducted from the income tax assessed against
the beneficiary the tax paid or payable by the trustee in respect of the
beneficiary's interest in the net income of the trust estate.