Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 235.815

Application of Subdivision

             (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.



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