12Excluded income

12 Excluded income

(1) This section applies if:

(a) an individual who is an attributable stakeholder of a company or trust is taken to receive attributable income in accordance with subsection 52ZZK(1) of the Act; and

(b) the attributable income of the individual is taken to include additional ordinary income in the circumstances mentioned in section 10.

(2) The Commission must consider determining that the amount of additional ordinary income worked out in accordance with subsection (3) is excluded income in relation to the attributable stakeholder.

(3) The amount of excluded income is worked out by multiplying the amount of the distribution mentioned in paragraph 10(b) by the income attribution percentage of the attributable stakeholder.