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-A - What is an attribution managed investment trust?  

Operative provisions

SECTION 276-20   Trust with classes of membership interests - each class treated as separate AMIT  

276-20(1)    
Subsections (2) and (3) apply if:

(a) the *membership interests in an *AMIT for an income year are divided into classes; and

(b) the rights arising from each of those membership interests in a particular class are the same as the rights arising from every other of those membership interests in that class; and

(c) each of those membership interests in a particular class is distinct from each of those membership interests in another class; and

(d) the trustee of the AMIT has made a choice for the purposes of this paragraph that applies to the income year.

276-20(2)    
For the purposes of this Division (other than this Subdivision), treat each class of those *membership interests in the *AMIT as being a separate AMIT for that income year.

276-20(3)    
For the purposes of this Division, allocate assessable income, *exempt income, *non-assessable non-exempt income, *tax losses, *net capital losses and other similar amounts in respect of the *AMIT between each of the separate classes mentioned in subsection (1) on a fair and reasonable basis.

Making of choice by trustee

276-20(4)    
A choice for the purposes of paragraph (1)(d) applies to the income year for which it is made and every subsequent income year.

276-20(5)    
A choice for the purposes of paragraph (1)(d) cannot be revoked.