Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-25 - PARTICULAR KINDS OF TRUSTS  

Division 276 - Attribution managed investment trusts  

Subdivision 276-U - Becoming an AMIT: CGT treatment of payment by trustee of AMIT  

SECTION 276-755   Payment by trustee before 1 July 2011 - limit on amendment of assessment  

276-755(1)    
This section applies if:

(a) a trust becomes an AMIT for an income year; and

(b) the trustee of the trust made a payment to an entity at a time before 1 July 2011.

276-755(2)    
The Commissioner cannot amend the entity ' s assessment for the income year in which the payment was made in a particular way if:

(a) the effect of the amendment would be to increase the entity ' s assessable income for that income year; and

(b) the Commissioner could not amend the assessment in that way if the following provisions were in operation at the time the payment was made:

(i) sections 104-107F , 104-107G and 104-107H of the Income Tax Assessment Act 1997 ;

(ii) any other provision of that Act, to the extent that it relates to the operation of the provisions mentioned in subparagraph (i); and

(c) the entity has not requested the Commissioner to amend the assessment in that way.