Pass-through taxation of securitisation trust income taxes investors as direct investors while preserving character, allocation, reporting and anti-duplication safeguards.

Section 221 establishes pass-through taxation for income from investments in a securitisation trust. Income received by, accruing to, or arising to an investor is chargeable as if the investor had made the underlying investments directly. Income retains its nature and proportion in the investor's hands. Undistributed income is deemed credited on the last day of the tax year in the investor's entitled proportion, while income already included on accrual is not included again upon actual payment. Prescribed income statements must be furnished to the taxable person and the prescribed authority.

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