Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-25
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PARTICULAR KINDS OF TRUSTS
Division 276
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Australian managed investment trusts: attribution managed investment trusts
Subdivision 276-G
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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.
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