Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 345.5

             (1)  The trustee of an * FHSA trust is liable to pay income tax for the * financial year on the taxable income of the trust.

             (2)  The amount of the tax is the amount of income tax that would be payable by the trust under section 4-10 if the trust were an * Australian resident liable (in accordance with section 4-1) to pay income tax for the * financial year.

             (3)  For the purposes of subsection (2):

                     (a)  apply the special rules in this Subdivision in working out the taxable income of the trust; and

                     (b)  apply the applicable rate of tax specified in section 30 of the Income Tax Rates Act 1986 to the taxable income of the trust.