Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-25 - PARTICULAR KINDS OF TRUSTS

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Division 275 - Australian managed investment trusts: general

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History

Div 275 heading substituted by No 53 of 2016, s 3 and Sch 4 item 1, effective 5 May 2016. For application provision, see note under Div 276 heading. The heading formerly read:

Division 275 - Australian managed investment trusts

Div 275 inserted by No 56 of 2010, s 3 and Sch 3 item 4, effective 3 June 2010. No 56 of 2010, s 3 and Sch 3 item 10 contains the following application provision:

Application provision
(1)
The amendments made by this Schedule apply in relation to CGT events that happen on or after the start of the 2008-09 income year.

(2)
Despite subitem (1), subsections 275-100(5) and (6) of the Income Tax Assessment Act 1997 as inserted by this Schedule (and any other provision inserted by this Schedule, to the extent that it relates to those subsections) apply in relation to acquisitions of assets that happen on or after the start of the 2008 - 09 income year.

(3)
Despite subitem (1), section 275-120 of the Income Tax Assessment Act 1997 as inserted by this Schedule (and any other provision inserted by this Schedule, to the extent that it relates to that section) applies in relation to:

(a) disposals of assets; and

(b) cessations of ownership of assets; and

(c) other realisations of assets;
that happen on or after the commencement of this item.

(4)
Despite subitem (1), Subdivision 275-C of the Income Tax Assessment Act 1997 as inserted by this Schedule (and any other provision inserted by this Schedule, to the extent that it relates to that Subdivision) applies in relation to:

(a) entitlements to distributions that arise on or after the commencement of this item; and

(b) CGT events that happen on or after the commencement of this item.

(5)
Despite subitem (1), section 45-286 in Schedule 1 to the Taxation Administration Act 1953 as inserted by this Schedule (and any other provision inserted by this Schedule, to the extent that it relates to that section) applies in relation to distributions or applications of benefits that are made on or after the commencement of this item.

Subdivision 275-L - Modification for non-arm ' s length income

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Operative provisions

SECTION 275-615 Commissioner ' s determination in relation to amount of non-arm ' s length income

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275-615(1)
The Commissioner may make a determination in writing that specifies an amount of *non-arm ' s length income for a specified *managed investment trust in relation to a specified income year if the Commissioner is satisfied that:

(a) the amount of non-arm ' s length income for the managed investment trust in relation to the income year is reflected in:

(i) if the trust is an *AMIT for the income year - one or more of its *trust components for the income year; or

(ii) otherwise - its *net income for the income year; and

(b) the managed investment trust is a party to the *scheme mentioned in paragraph 275-610(1)(a) at a time in the income year in which the amount is derived; and

(c) at least one the parties to that scheme is not a managed investment trust in relation to the income year.

275-615(1A)

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Disregard paragraphs (1)(b) and (c) if the amount of *non-arm ' s length income is *excepted MIT CSA income.

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Determination does not form part of assessment

275-615(2)
A determination under subsection (1) does not form part of an assessment.

Notice by Commissioner of determination

275-615(3)

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If the Commissioner makes a determination under subsection (1), the Commissioner must give a copy of the determination to the *managed investment trust concerned.

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Evidence of determination

275-615(4)
The production of:

(a) a notice of a determination; or

(b) a document signed by the Commissioner, a Second Commissioner or a Deputy Commissioner purporting to be a copy of a determination;

is:

(c) conclusive evidence of the due making of the determination; and

(d) conclusive evidence that the determination is correct (except in proceedings under Part IVC of the Taxation Administration Act 1953 on an appeal or review relating to the determination).

Objections

275-615(5)
If an entity to whom a determination relates is dissatisfied with the determination, the entity may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .

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