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 276-405   Trustee taxed on shortfall in determined member component (character relating to assessable income)  

Income character shortfall

276-405(1)  
An *AMIT has a shortfall 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 assessable income for the income year;

falls short of:


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

276-405(2)  
The trustee is liable to pay income tax at the rate declared by the Parliament on the amount that is the sum of each shortfall of the *AMIT under subsection (1) for the income year.

Note:

The rate is set out in subsection 12(11) of the Income Tax Rates Act 1986 .


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