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-C - Taxation etc. of member components  

Taxation etc. of member on determined member components

SECTION 276-90   Commissioner ' s determination as to status of member as qualified person  

276-90(1)  
Subsection (2) applies to a *member of an *AMIT in respect of an income year if:

(a) the AMIT is specified in a determination under subsection (3); and

(b) the income year is specified in the determination; and

(c) the member:

(i) is specified in the determination; or

(ii) is included in a class of members specified in the determination.

276-90(2)  
Treat the *member as not being a qualified person in relation to a distribution in relation to the *AMIT for the income year, for the purposes of Division 1A of former Part IIIAA of the Income Tax Assessment Act 1936 .

276-90(3)  
For the purposes of this section, the Commissioner may make a determination in writing that identifies any of the following:

(a) a specified *member of a specified *AMIT;

(b) a specified class of members of a specified AMIT.

276-90(4)  
The determination may specify one or more income years.

276-90(5)  
In deciding whether to make a determination under subsection (3), the Commissioner may have regard to any of the following:

(a) arrangements (if any) entered into by the *member that directly or indirectly reduce the economic exposure of the member to changes in the value of the *membership interests held by the member in the *AMIT;

(b) the lack of such arrangements;

(c) the length of time that the member has been a member of the AMIT;

(d) any other matter that the Commissioner considers relevant.

276-90(6)  
A determination under subsection (3) is not a legislative instrument.

276-90(7)  
If an entity to whom a determination relates is dissatisfied with the determination, the entity may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .