Commentary on Sections Overview Overview Section 477: Sub-fund elections under Schedule 4ZA to TCGA 1992
1383.This section sets out the income tax position where the trustees of a settlement have made a sub-fund election under Schedule 4ZA to TCGA. It is based on section 685G of ICTA.
1384.The broad effect is that each sub-fund is treated as a separate settlement distinct from the principal settlement and with its own deemed single person trustees.