Taxation of business trust distributions: non-characterised payouts to unit holders treated as taxable income from other sources.

Proposed amendments tax sums received by unit holders from business trusts that are not interest, dividend or rental receipts and not chargeable under the pass-through provisions by treating them as income from other sources. Where sums represent redemption of units, the receipt is reduced by the cost of acquisition to the extent of the amount received. Amendments also exclude such sums from the trust pass-through subsections and expand the definition of income to include them, with prospective application.

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