CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-25
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PARTICULAR KINDS OF TRUSTS
History
Part 3-25 inserted by No 56 of 2010, s 3 and Sch 3 item 4, effective 3 June 2010.
Division 276
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Australian managed investment trusts: attribution managed investment trusts
History
Div 276 inserted by No 53 of 2016, s 3 and Sch 1 item 1, effective 5 May 2016. No 53 of 2016 (as amended by No 15 of 2019), s 3 and Sch 8 item 1 contains the following application provision:
1 Application provision
(1)
The amendments apply to assessments for:
(a)
unless paragraph (b) applies
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the 2016-17 income year and later income years; or
(b)
if the assessment is in respect of a trust, and the trustee of the trust has made a choice under subitem (5)
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income years starting on or after 1 July 2015.
History
S 1(1) amended by No 15 of 2019, s 3 and Sch 1 items 43
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45, by omitting
"
income years starting on or after
"
after
"
to assessments for
"
, substituting
"
the 2016-17 income year and later income years
"
for
"
1 July 2016
"
in para (a) and inserting
"
income years starting on or after
"
in para (b), effective 1 April 2019 and applicable in relation to the 2016-17 income year and later income years.
…
(5)
The trustee of a trust may make a choice for the purposes of paragraph (1)(b) if the 2015-16 income year of the trust starts on or after 1 July 2015.
(6)
The choice cannot be revoked.
Subdivision 276-E
-
Trust components
History
Subdiv 276-E inserted by No 53 of 2016, s 3 and Sch 1 item 1, effective 5 May 2016. For application provision, see note under Div
276
heading.
Trust-level concepts
SECTION 276-255
Meaning of
determined trust component
276-255(1)
An *AMIT
'
s
determined trust component
of a particular character for an income year is the amount stated to be its *trust component of that character in a document that meets the requirements in subsection (2).
276-255(2)
The requirements are as follows:
(a)
the document was created by the *AMIT;
(b)
the document states expressly the amount of the *trust component;
(c)
at a time after the document was created, the AMIT sent *AMMA statements for the income year to entities that were *members of the AMIT in respect of the income year;
(d)
the amount of the trust component stated in the document reflects the amount of the *determined member components reflected in those AMMA statements.
276-255(3)
If, apart from this subsection, there are 2 or more documents that meet the requirements in subsection (2), treat the most recently created of those documents as being the only document that meets those requirements.
Example:
The income year for the AMIT ends on 30 June. The trustee creates a document stating the amount for the income year on 1 July. It sends all AMMA statements on 10 July. The trustee creates another document stating a different amount for the income year on 1 September. It sends revised AMMA statements reflecting that amount on 10 September. The document created on 1 September is the only document that meets the requirements in this section in respect of the amount for the income year.
History
S 276-255 inserted by No 53 of 2016, s 3 and Sch 1 item 1, effective 5 May 2016. For application provision, see note under Div
276
heading.