12‑444 Concessional cross staple rent ca12‑444 Concessional cross staple rent cap—general

#### 12‑444 Concessional cross staple rent cap—general (1) This section applies if section 12‑443 does not apply. (2) The concessional cross staple rent cap for an income year of the \*managed investment trust is worked out as follows: (a) first, work out a reasonable estimate of whichever of the following is applicable: (i) if the relevant asset entity is a trust that is not an \*AMIT—the relevant asset entity’s \*net income, or \*tax loss, for the income year; (ii) if the relevant asset entity is an AMIT—the sum of the relevant asset entity’s \*trust components with the character of assessable income, or the relevant asset entity’s tax loss, for the income year; (iii) if the relevant asset entity is a partnership—the relevant asset entity’s net income, or partnership loss (within the meaning of section 90 of the Income Tax Assessment Act 1936), for the income year; (b) next, work out a reasonable estimate of whichever of the following is applicable: (i) if the relevant operating entity is a trust that is not an AMIT—the operating asset entity’s net income, or tax loss, for the income year; (ii) if the relevant operating entity is a partnership—the relevant operating entity’s net income, or partnership loss (within the meaning of section 90 of the Income Tax Assessment Act 1936), for the income year; (iii) otherwise—the relevant operating entity’s taxable income or tax loss for the income year; (c) next, add the results of paragraphs (a) and (b); (d) next, multiply the result of paragraph (c) by 0.8; (e) next, subtract the result of paragraph (a) from the result of paragraph (d); (f) next, add the amount of \*excepted MIT CSA income mentioned in subsection 12‑441(1) to the result of paragraph (e). If the result of paragraph (f) is a positive number, the concessional cross staple rent cap is that result. Otherwise, the concessional cross staple rent cap is nil. (3) For the purposes of paragraphs (2)(a) and (b): (a) treat the amount of a \*tax loss, or of a partnership loss (within the meaning of section 90 of the Income Tax Assessment Act 1936), as a negative number; and (b) disregard any \*tax loss for a previous income year of the relevant asset entity or relevant operating entity.