INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-25 - PARTICULAR KINDS OF TRUSTS  

Division 276 - Australian managed investment trusts: attribution managed investment trusts  

Subdivision 276-G - Shortfall and excess taxation  

Ensuring determined trust components are properly taxed

SECTION 276-410   Trustee taxed on excess in determined member component (character relating to tax offset)  

276-410(1)  
An *AMIT has an excess under this subsection for an income year equal to the amount (if any) by which:


(a) the *determined member component of a *member of the AMIT of a character relating to a *tax offset for the income year;

exceeds:


(b) the *member component of the member of that character for the income year. Liability to tax

276-410(2)  
The trustee is liable to pay tax at the rate declared by the Parliament on the amount that is the sum of each excess of the *AMIT under subsection (1) for the income year.

Note:

The tax is imposed by the Income Tax (Attribution Managed Investment Trusts - Offsets) Act 2016 and the rate of the tax is set out in that Act.


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