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-C - Taxation etc. of member components  

Taxation etc. of member on determined member components

SECTION 276-80   Member ' s assessable income or tax offsets for determined member components - general rules  

Components of income character

276-80(1)    
Subsection (2) applies if a *member of an *AMIT in respect of an income year has, for the income year, a *determined member component of:

(a) a character relating to assessable income; or

(b) a character relating to *exempt income; or

(c) a character relating to *non-assessable non-exempt income.

276-80(2)    
For the purpose of working out the effects mentioned in subsection (3) for the *member, treat the member as having derived, received or made the amount reflected in the *determined member component:

(a) in the member ' s own right (rather than as a member of a trust); and

(b) in the same circumstances as the *AMIT derived, received or made that amount, to the extent that those circumstances gave rise to the particular character of that component.

276-80(3)    
The effects are as follows:

(a) including an amount in the assessable income of the *member;

(b) including an amount in the *exempt income of the member;

(c) including an amount in the *non-assessable non-exempt income of the member;

(d) determining whether the member has made a *capital gain from a *CGT event;

(e) determining the extent to which the member ' s *net capital loss has been *utilised.

Components of tax offset character

276-80(4)    
Subsection (5) applies if a *member of an *AMIT in respect of an income year has, for the income year, a *determined member component of a character relating to a *tax offset.

276-80(5)    
For the purpose of working out the effects mentioned in subsection (6) for the *member, treat the member as having paid or received the amount reflected in the *determined member component:

(a) in the member ' s own right (rather than as a member of a trust); and

(b) in the same circumstances as the *AMIT paid or received that amount.

276-80(6)    
The effects are as follows:

(a) entitling the member to a *tax offset;

(b) entitling the member to a credit under Division 18 in Schedule 1 to the Taxation Administration Act 1953 .