Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 276.755

  (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