Income Tax Act 2007 section 463

Interpretation of Part

Section 463 provides key definitions used throughout this Part of the Act, clarifying the meaning of "other income", "trustees of a settlement", and "trust rate income".

• "Other income" means any income that is neither dividend income nor savings income
• "Trustees of a settlement" specifically excludes personal representatives
• "Trust rate income" refers to the trustees' net income for the tax year, but only to the extent it is charged at the dividend trust rate or the trust rate
• When determining trust rate income, the provisions of Chapters 4 and 6 are disregarded