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-D - Member components  

Member-level concepts

SECTION 276-205   Meaning of determined member component  

276-205(1)  
The determined member component of a particular character for an income year of a *member of an *AMIT in respect of the income year is the amount of the member ' s *member component of that character as reflected in the AMIT ' s latest *AMMA statement for the member for the income year.

276-205(2)  
Subsection (3) applies if:


(a) the *member makes a choice for the purposes of this paragraph that complies with subsection (5); and


(b) the member gives a copy of the choice to the Commissioner within 4 months after:


(i) unless subparagraph (ii) applies - the end of the member ' s income year; or

(ii) if the *AMIT gives the member a revised *AMMA statement for the income year at a time after the end of that income year - that time; and


(c) the member gives a notice of the choice, in accordance with subsection (7), to the trustee of the AMIT within those 4 months.

276-205(3)  
Despite subsection (1), if the *determined member component of that character for the income year (disregarding this subsection) does not accord with subsections 276-210(2) , (3) and (4) , that determined member component is instead the member ' s *member component of that character for the income year.

276-205(4)  
For the purposes of subsection (3), in working out the member ' s *member component of that character for the income year, if the *trust component of that character differs from the *determined trust component of that character, treat the references in section 276-210 to determined trust component as instead being references to trust component.

Example:

The determined trust component exceeds the trust component because of an unintentional mistake by the trustee of the AMIT. As a result, a member ' s corresponding determined member component under subsection (1) exceeds what it would have been if the trustee had not made the mistake.

If the member makes a choice under subsection (2), the amount of the determined member component will be determined according to the amount of the trust component.

276-205(5)  
The choice must:


(a) be in writing; and


(b) state the following matters:


(i) the income year to which the choice relates;

(ii) what the *member considers to be the member ' s *member component of that character for the income year;

(iii) the reason why the member considers that the *determined member component of that character for the income year does not accord with subsections 276-210(2) , (3) and (4) .

276-205(6)  
The way the *member ' s *income tax return is prepared is sufficient evidence of the making of the choice.

276-205(7)  
The notice must:


(a) be in writing; and


(b) state the matters mentioned in paragraph (5)(b).


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.