Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 195.123

  (1)   The income (the trust income ) of the trust estate of a * CCIV sub - fund trust for an income year is worked out in accordance with this section.

Note:   This is relevant to working out the income tax position of the CCIV sub - fund trust and its beneficiaries under Division   6 of Part   III of the Income Tax Assessment Act 1936 .

  (2)   If:

  (a)   the * CCIV is a * retail CCIV at the end of the income year; and

  (b)   the amount of the * sub - fund's profit for the income year, as required to be stated in the financial statements included in the financial report for the sub - fund for the income year that the CCIV is required to prepare because of paragraph   1232C(1)(a) of the Corporations Act 2001 , is greater than nil;

the trust income is that profit.

  (3)   If:

  (a)   the * CCIV is not a * retail CCIV at the end of the income year; and

  (b)   the amount of the * sub - fund's profit for the income year that would, if the CCIV had been a retail CCIV at the end of the income year, be required to be stated as mentioned in paragraph   (2)(b) is greater than nil;

the trust income is that profit.

  (4)   If neither of subsections   (2) and (3) applies, the trust income is nil.