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-H - 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.

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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