(1) This section applies if:
(a) a trust becomes an AMIT for an income year; and
(b) the trustee of the trust made a payment to an entity at a time before 1 July 2011.
(2) The Commissioner cannot amend the entity's assessment for the income year in which the payment was made in a particular way if:
(a) the effect of the amendment would be to increase the entity's assessable income for that income year; and
(b) the Commissioner could not amend the assessment in that way if the following provisions were in operation at the time the payment was made:
(i) sections 104-107F, 104-107G and 104-107H of the Income Tax Assessment Act 1997 ;
(ii) any other provision of that Act, to the extent that it relates to the operation of the provisions mentioned in subparagraph (i); and
(c) the entity has not requested the Commissioner to amend the assessment in that way.
Table of sections
290-10 Directed termination payments not deductible etc.
290-15 Early balancers--deduction limits from end of 2006-2007 income year to 1 July 2007