An AMIT that is a withholding MIT may be treated as having made deemed payments to members in respect of an income year. Where some or all of a deemed payment is either a fund payment or an AMIT DIR payment, the trustee of the AMIT may need to pay an amount to the Commissioner.
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Total deemed fund payments
Enter the total amount of the deemed payments in respect of the income year that are a fund payment and in relation to which the trustee is required to pay an amount to the Commissioner under section 12A-215 of the TAA 1953 (as determined by section 12A-215(2)(a)). Do not include any part of a deemed payment for which the trustee is not required to pay an amount to the Commissioner.
If the trustee is not required to pay any amount to the Commissioner under section 12A-215 in respect of that part of the deemed payment that is a fund payment, enter 0.
A deemed payment will not arise if the AMIT is not a 'withholding MIT' (section 12-383 of the TAA 1953).
Total deemed AMIT DIR payments
Enter the total amount of the deemed payments in respect of the income year that are an AMIT DIR payment and in relation to which the trustee is required to pay an amount to the Commissioner under section 12A-215 of the TAA 1953 (as determined by section 12A-215(2)(b)). Do not include any part of a deemed payment for which the trustee is not required to pay an amount to the Commissioner.
If the trustee is not required to pay any amount to the Commissioner under section 12A-215 in respect of that part of the deemed payment that is an AMIT DIR payment, enter 0.
A deemed payment will not arise if the AMIT is not a 'withholding MIT' (section 12-383 of the TAA 1953).
See also:
- Law Companion Guidelines: LCG 2015/12 Attribution Managed Investment Trusts: dividend, interest and royalty withholding
- Law Companion Guidelines: LCG 2015/13 Attribution Managed Investment Trusts: withholding in respect of 'fund payments'
Debt-like trust instruments
Total deductions claimed for returns paid
If the trustee has issued debt-like instruments to which Subdivision 276-J of the ITAA 1997 applies, those instruments are treated as debt interests (as defined in the ITAA 1997) issued by the AMIT. Distributions on the debt-like instruments are treated as returns that the AMIT pays or provides on a debt interest and you may be entitled to claim a deduction for distributions paid to holders of the instrument. Take these deductions into account in determining the trust components of characters relating to assessable income.
You cannot claim a deduction for a distribution to the extent it relates to exempt income or NANE income of the AMIT.
Enter the amount of deductions claimed for distributions paid to holders of debt-like instruments issued by the AMIT.