Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-25
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PARTICULAR KINDS OF TRUSTS
Division 275
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Australian managed investment trusts: general
Subdivision 275-L
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Modification for non-arm
'
s length income
Operative provisions
SECTION 275-615 Commissioner ' s determination in relation to amount of non-arm ' s length income 275-615(1)
The Commissioner may make a determination in writing that specifies an amount of *non-arm ' s length income for a specified *managed investment trust in relation to a specified income year if the Commissioner is satisfied that:
(a) the amount of non-arm ' s length income for the managed investment trust in relation to the income year is reflected in:
(b) the managed investment trust is a party to the *scheme mentioned in paragraph 275-610(1)(a) at a time in the income year in which the amount is derived; and
(c) at least one the parties to that scheme is not a managed investment trust in relation to the income year.
275-615(1A)
Disregard paragraphs (1)(b) and (c) if the amount of *non-arm ' s length income is *excepted MIT CSA income.
Determination does not form part of assessment
275-615(2)
A determination under subsection (1) does not form part of an assessment.
Notice by Commissioner of determination
275-615(3)
If the Commissioner makes a determination under subsection (1), the Commissioner must give a copy of the determination to the *managed investment trust concerned.
Evidence of determination
275-615(4)
The production of:
(a) a notice of a determination; or
(b) a document signed by the Commissioner, a Second Commissioner or a Deputy Commissioner purporting to be a copy of a determination;
(c) conclusive evidence of the due making of the determination; and
(d) conclusive evidence that the determination is correct (except in proceedings under Part IVC of the Taxation Administration Act 1953 on an appeal or review relating to the determination).
Objections
275-615(5)
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 .
View history note
Hide history noteSECTION 275-615 Commissioner ' s determination in relation to amount of non-arm ' s length income 275-615(1)
The Commissioner may make a determination in writing that specifies an amount of *non-arm ' s length income for a specified *managed investment trust in relation to a specified income year if the Commissioner is satisfied that:
(a) the amount of non-arm ' s length income for the managed investment trust in relation to the income year is reflected in:
(i) if the trust is an *AMIT for the income year - one or more of its *trust components for the income year; or
(ii) otherwise - its *net income for the income year; and
(b) the managed investment trust is a party to the *scheme mentioned in paragraph 275-610(1)(a) at a time in the income year in which the amount is derived; and
(c) at least one the parties to that scheme is not a managed investment trust in relation to the income year.
275-615(1A)
Disregard paragraphs (1)(b) and (c) if the amount of *non-arm ' s length income is *excepted MIT CSA income.
Determination does not form part of assessment
275-615(2)
A determination under subsection (1) does not form part of an assessment.
Notice by Commissioner of determination
275-615(3)
If the Commissioner makes a determination under subsection (1), the Commissioner must give a copy of the determination to the *managed investment trust concerned.
Evidence of determination
275-615(4)
The production of:
(a) a notice of a determination; or
(b) a document signed by the Commissioner, a Second Commissioner or a Deputy Commissioner purporting to be a copy of a determination;
is:
(c) conclusive evidence of the due making of the determination; and
(d) conclusive evidence that the determination is correct (except in proceedings under Part IVC of the Taxation Administration Act 1953 on an appeal or review relating to the determination).
Objections
275-615(5)
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 .
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