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 276
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Australian managed investment trusts: attribution managed investment trusts
Subdivision 276-G
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Shortfall and excess taxation
Ensuring determined trust components are properly taxed
SECTION 276-405 Trustee taxed on shortfall in determined member component (character relating to assessable income)
Income character shortfall
276-405(1)
An *AMIT has a shortfall under this subsection for an income year equal to the amount (if any) by which:
(a) the *determined member component of a *member of the AMIT of a character relating to assessable income for the income year;
(b) the *member component of the member of that character for the income year.
Liability to tax
276-405(2)
The trustee is liable to pay income tax at the rate declared by the Parliament on the amount that is the sum of each shortfall of the *AMIT under subsection (1) for the income year.
View history note
Hide history noteSECTION 276-405 Trustee taxed on shortfall in determined member component (character relating to assessable income)
Income character shortfall
276-405(1)
An *AMIT has a shortfall under this subsection for an income year equal to the amount (if any) by which:
(a) the *determined member component of a *member of the AMIT of a character relating to assessable income for the income year;
falls short of:
(b) the *member component of the member of that character for the income year.
Liability to tax
276-405(2)
The trustee is liable to pay income tax at the rate declared by the Parliament on the amount that is the sum of each shortfall of the *AMIT under subsection (1) for the income year.
Note:
The rate is set out in subsection 12(11) of the Income Tax Rates Act 1986 .
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