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-J - Debt-like trust instruments  

Operative provisions

SECTION 276-510   Debt-like trust instruments treated as debt interests etc.  

276-510(1)  
For the purposes of this Act:


(a) treat a *debt-like trust instrument in relation to an *AMIT as a *debt interest in the AMIT; and


(b) treat a distribution on a debt-like trust instrument in relation to an AMIT as a cost incurred by the AMIT in relation to a debt interest issued by the AMIT.

276-510(2)  
If a trust is an *AMIT for an income year (disregarding this subsection), paragraph (1)(a) applies for the purposes of:


(a) determining whether the trust is a *managed investment trust in relation to the income year; and


(b) determining whether the trust is an AMIT for the income year.

276-510(3)  
For the purposes of Division 11A of Part III of the Income Tax Assessment Act 1936 , if an entity is the holder of a *debt-like trust instrument in an *AMIT, treat a distribution to the entity in accordance with the instrument as interest.


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