Securitisation trust taxation: payor becomes assessee in default if trust fails to pay tax; investor distribution exemption adjusted. Securitisation trust taxation makes the person responsible for paying income distributed by the trust deemed an assessee-in-default if the trust does not pay the tax due, with all collection and recovery provisions applying; key terms (investor, securities, securitised debt instrument, securitisation trust, and Special Purpose Vehicle) are defined. Distributed income received by an investor is exempt from tax, subject to a separate provision rendering tax on distributed income payable by the investor under the amended taxing rule.