Addendum - Income tax: meaning of 'income of the trust estate' in Division 6 of Part III of the Income Tax Assessment Act 1936 and related provisions

Paragraph 6 Omit the words from the second dot point 'in that year'.

Paragraph 28 Omit the table; substitute: Entity assessed Share of distributable income Share of net income Amy Brisbane $ 416 of $70,000 ( 416 / 70,000 ) x $100,000 = $ 594 Barry Brisbane $ 416 of $70,000 ( 416 / 70,000 ) x $100,000 = $ 594 Charitable Brisbane $ 20,000 of $70,000 ( 20,000 / 70,000 ) x $100,000 = $ 28,571 Deal Brisbane $ 49,168 of $70,000 ( 49,168 / 70,000 ) x $100,000 = $ 70,240

Paragraph 122 Omit the last two sentences; substitute 'Attributable income may represent undistributed income or gains made by the foreign entity in which the trustee has an interest. To the extent that the trustee has not recognised any increase in the value of its interest in the foreign entity as an accretion to income for the income year, such attributable income is considered to be notional income.'