Income Tax Assessment Act 1997



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  

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.


Section 286-75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of this subsection.

The statement must be given no later than 3 months after the end of the income year.

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.

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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