Commonwealth Consolidated Acts

SOCIAL SECURITY ACT 1991 - SECT 1208

             (1)  For the purposes of this Division, the ordinary income of a company or trust is to be worked out as if:

                     (a)  exempt lump sums were not excluded from the definition of ordinary income in subsection 8(1); and

                     (b)  each reference in section 8 to a person included a reference to a company or trust; and

                     (c)  the following provisions had not been enacted:

                              (i)  subsection 8(7A);

                             (ii)  subsection 8(8);

                            (iii)  subsection 8(11);

                            (iv)  Part 3.10.

             (2)  Paragraphs (1)(a) and (c) have effect subject to paragraph 1207Y(1)(d).

             (3)  A reference in this Division to the ordinary income of a company or trust is a reference to the company's or trust's gross ordinary income from all sources calculated without any reduction, other than a reduction under section 1208A or 1208B.