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-H
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AMMA statements
Operative provisions
SECTION 276-455
Obligation to give an AMMA statement
276-455(1)
An *AMIT for an income year must give each *member of the AMIT in respect of the income year an *AMMA statement for the income year.
The statement must be given no later than 3 months after the end of the income year. 276-455(3)
However, the *AMIT need not give an *AMMA statement under subsection (1) to a *member if:
(a) all of the member ' s *determined member components for the AMIT for the income year are nil; and
(b) all of the member ' s *membership interests in the AMIT have an *AMIT cost base net amount for the income year of nil. 276-455(4)
To avoid doubt, the *AMIT does not fail to comply with subsection (1) merely because:
(a) the AMIT gives *AMMA statements for the income year to *members in accordance with subsection (1) by the time required under subsection (2); and
(b) after that time, the AMIT gives those members further AMMA statements for the income year that replace the AMMA statements mentioned in paragraph (a).
View history note
Hide history noteAn *AMIT for an income year must give each *member of the AMIT in respect of the income year an *AMMA statement for the income year.
Note:
Section 286-75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of this subsection.
276-455(2)The statement must be given no later than 3 months after the end of the income year. 276-455(3)
However, the *AMIT need not give an *AMMA statement under subsection (1) to a *member if:
(a) all of the member ' s *determined member components for the AMIT for the income year are nil; and
(b) all of the member ' s *membership interests in the AMIT have an *AMIT cost base net amount for the income year of nil. 276-455(4)
To avoid doubt, the *AMIT does not fail to comply with subsection (1) merely because:
(a) the AMIT gives *AMMA statements for the income year to *members in accordance with subsection (1) by the time required under subsection (2); and
(b) after that time, the AMIT gives those members further AMMA statements for the income year that replace the AMMA statements mentioned in paragraph (a).
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