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-D - Member components  

Member-level concepts

SECTION 276-205   Meaning of determined member component  

276-205(1)    
The determined member component of a particular character for an income year of a *member of an *AMIT in respect of the income year is the amount of the member ' s *member component of that character as reflected in the AMIT ' s latest *AMMA statement for the member for the income year.

276-205(2)    
Subsection (3) applies if:

(a) the *member makes a choice for the purposes of this paragraph that complies with subsection (5); and

(b) the member gives a copy of the choice to the Commissioner within 4 months after:

(i) unless subparagraph (ii) applies - the end of the member ' s income year; or

(ii) if the *AMIT gives the member a revised *AMMA statement for the income year at a time after the end of that income year - that time; and

(c) the member gives a notice of the choice, in accordance with subsection (7), to the trustee of the AMIT within those 4 months.

276-205(3)    
Despite subsection (1), if the *determined member component of that character for the income year (disregarding this subsection) does not accord with subsections 276-210(2) , (3) and (4) , that determined member component is instead the member ' s *member component of that character for the income year.

276-205(4)    
For the purposes of subsection (3), in working out the member ' s *member component of that character for the income year, if the *trust component of that character differs from the *determined trust component of that character, treat the references in section 276-210 to determined trust component as instead being references to trust component.

Example:

The determined trust component exceeds the trust component because of an unintentional mistake by the trustee of the AMIT. As a result, a member ' s corresponding determined member component under subsection (1) exceeds what it would have been if the trustee had not made the mistake.

If the member makes a choice under subsection (2), the amount of the determined member component will be determined according to the amount of the trust component.

276-205(5)    
The choice must:

(a) be in writing; and

(b) state the following matters:

(i) the income year to which the choice relates;

(ii) what the *member considers to be the member ' s *member component of that character for the income year;

(iii) the reason why the member considers that the *determined member component of that character for the income year does not accord with subsections 276-210(2) , (3) and (4) .

276-205(6)    
The way the *member ' s *income tax return is prepared is sufficient evidence of the making of the choice.

276-205(7)    
The notice must:

(a) be in writing; and

(b) state the matters mentioned in paragraph (5)(b).