Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 275.200

             (1)  This section applies if:

                     (a)  you hold a * CGT asset in an income year that carries an entitlement to a distribution from an entity; and

                     (b)  the entitlement to such a distribution is contingent upon the attainment of profits by the entity; and

                     (c)  the entity satisfies any of these requirements:

                              (i)  it is a * managed investment trust in relation to the income year;

                             (ii)  it was a managed investment trust in relation to a previous income year; and

                     (d)  you acquired the asset because of services you or your * associate provided, or will provide, to the entity; and

                     (e)  you or your associate provided, or will provide, those services:

                              (i)  as a manager of the entity; or

                             (ii)  as an associate of a manager of the entity; or

                            (iii)  as an employee of a manager of the entity; or

                            (iv)  as an associate of an employee of a manager of the entity; and

                      (f)  any of the following apply:

                              (i)  you become entitled in the income year to such a distribution (regardless of whether the distribution is made immediately, or is to be made in the future);

                             (ii)  a * CGT event happens in relation to the asset in the income year.

             (2)  Include in your assessable income for the income year:

                     (a)  the amount of the distribution (except to the extent that it represents a return of capital that you or your associate contributed in order for you to * acquire the asset); or

                     (b)  the amount of your gain or profit (if any) on the * CGT event.

             (3)  Subsection (2) does not apply to the extent that the amount is included in your assessable income as:

                     (a)  * ordinary income under section 6-5; or

                     (b)  * statutory income under a section of this Act, other than a provision in Part 3-1 or 3-3.

             (4)  An amount to which subsection (2) applies is taken, for the purposes of the * income tax laws, to have a source in Australia. For the purposes of this subsection, disregard subsection (3).

             (5)  You are entitled to a deduction for the income year for the amount of your loss (if any) on the * CGT event.

             (6)  Subsection (5) does not apply to the extent that you can deduct the amount under another provision of this Act.

             (7)  Subdivision 115-C does not apply to the amount of a distribution mentioned in subparagraph (1)(f)(i) if:

                     (a)  that amount is included in your assessable income under subsection (2); or

                     (b)  an amount referable to that amount is included in your assessable income under Division 6 of Part III of the Income Tax Assessment Act 1936 .

Table of sections

280-1        Effect of this Division

280-5        Overview

Contributions phase

280-10      Contributions phase--deductibility

280-15      Contributions phase--limits on superannuation tax concessions

Investment phase

280-20      Investment phase

Benefits phase

280-25      Benefits phase--different types of superannuation benefit

280-30      Benefits phase--taxation varies with age of recipient and type of benefit

280-35      Benefits phase--roll-overs

The regulatory scheme outside this Act

280-40      Other relevant legislative schemes