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-T - Becoming an AMIT: unders and overs  

SECTION 276-705   Accounting for unders and overs for base years before becoming an AMIT  

276-705(1)    
This section applies if the trust has an under or over of a character in the discovery year relating to the base year.

276-705(2)    
For the purposes of subsection (1):

(a) assume that the trust is an AMIT for the base year and every later year before the starting income year; and

(b) if, at a time, the trust sent its members distribution statements for an income year that is prior to the starting income year - assume that the trust sent those members AMMA statements for that income year at that time.

276-705(3)    
For the purposes of Division 276 of the Income Tax Assessment Act 1997 , treat the under or over mentioned in subsection (1) as an under or over of the AMIT, in the discovery year relating to the base year, of the character mentioned in that subsection.

276-705(4)    
If:

(a) had the under or over mentioned in subsection (1) been discovered before the starting income year, this Act would have operated to produce a particular effect (the pre-AMIT scheme effect ) for the base year in relation to the amount or amounts reflected in the under or over; and

(b) subsection (3) accounts for the pre-AMIT scheme effect;

treat this Act as not operating to produce the pre-AMIT scheme effect for the base year.

Note:

Subsection (3) continues to operate in relation to the under or over.