Taxation Administration Act 1953

This section applies if section 12‑443 does not apply.

The concessional cross staple rent cap for an income year of the *managed investment trust is worked out as follows:

first, work out a reasonable estimate of whichever of the following is applicable:

if the relevant asset entity is a trust that is not an *AMIT—the relevant asset entity’s *net income, or *tax loss, for the income year;

if the relevant asset entity is an AMIT—the sum of the relevant asset entity’s *trust components with the character of assessable income, or the relevant asset entity’s tax loss, for the income year;

if the relevant asset entity is a partnership—the relevant asset entity’s net income, or partnership loss (within the meaning of section 90 of the Income Tax Assessment Act 1936), for the income year;

next, work out a reasonable estimate of whichever of the following is applicable:

if the relevant operating entity is a trust that is not an AMIT—the operating asset entity’s net income, or tax loss, for the income year;

if the relevant operating entity is a partnership—the relevant operating entity’s net income, or partnership loss (within the meaning of section 90 of the Income Tax Assessment Act 1936), for the income year;

otherwise—the relevant operating entity’s taxable income or tax loss for the income year;

next, add the results of paragraphs (a) and (b);

next, multiply the result of paragraph (c) by 0.8;

next, subtract the result of paragraph (a) from the result of paragraph (d);

next, add the amount of *excepted MIT CSA income mentioned in subsection 12‑441(1) to the result of paragraph (e).

For the purposes of paragraphs (2)(a) and (b):

treat the amount of a *tax loss, or of a partnership loss (within the meaning of section 90 of the Income Tax Assessment Act 1936), as a negative number; and

disregard any *tax loss for a previous income year of the relevant asset entity or relevant operating entity.