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;
(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.
View history note
Hide history noteAn *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.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.