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 276-85   Member ' s assessable income or tax offsets for determined member components - specific rules  

276-85(1)    
This section makes clarifications and modifications of the operation of section 276-80 in respect of a *member of an *AMIT in respect of an income year.

276-85(2)    
For the purposes of this Act, if an amount is included in the *member ' s assessable income because of the operation of this section, treat that amount as being so included because of the operation of subsection 276-80(2) .

Discount capital gains

276-85(3)    
Subsection (4) applies if the *member has, for the income year, a *determined member component of the character of:

(a) a *discount capital gain from a *CGT asset that is *taxable Australian property; or

(b) a discount capital gain from a CGT asset that is not taxable Australian property.

276-85(4)    
For the purposes of section 276-80 and this section, treat the amount of the component as being double what it would be apart from this subsection.

Franking credit gross-up

276-85(5)    
Subsection (6) applies if the *member has, for the income year, a *determined member component (the franking credit gross-up component ) of the character of assessable income under subsection 207-20(1) (franking credit gross-up).

276-85(6)    
For the purposes of subsection 207-20(1) (franking credit gross-up), treat the reference in that subsection to the amount of the *franking credit on the distribution as instead being a reference to the amount of the franking credit gross-up component.

Limitation on circumstances in paragraph 276-80(2)(b)

276-85(7)    
The circumstances mentioned in paragraph 276-80(2)(b) or (5)(b) do not include the following:

(a) the residence of the trustee of the *AMIT;

(b) the place of the central management and control of the AMIT.