Income Tax Assessment Act 1997
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Hide history noteSECTION 276-415 Trustee taxed on amounts of determined trust component that are not reflected in determined member components 276-415(1)
An *AMIT has a shortfall under this subsection for an income year equal to the amount (if any) by which:
(a) the sum of all the *determined member components of all the *members of the AMIT of a particular character relating to assessable income, *exempt income or *non-assessable non-exempt income for the income year;
falls short of:
(b) the *determined trust component of that character of the AMIT for the income year.
Liability to tax
276-415(2)
The trustee is liable to pay income tax at the rate declared by the Parliament on the amount worked out as follows:
(a) first, work out the sum of each shortfall of the *AMIT under subsection (1) for the income year;
(b) next, work out the extent (if any) to which each of those shortfalls gives rise to a *rounding adjustment deficit (see subsection 276-310(2) );
(c) next, subtract the result of paragraph (b) from the result of paragraph (a);
(d) next, work out the extent (if any) to which the result of paragraph (c) is referable to one or more shortfalls under subsection 276-405(1) ;
(e) next, subtract the result of paragraph (d) from the result of paragraph (c).
Note:
The rate is set out in subsection 12(12) of the Income Tax Rates Act 1986 .
Gross-up for discount capital gain
276-415(3)
Subsection (4) applies if a *determined member component is of the character of:
(a) a *discount capital gain from a *CGT asset that is *taxable Australian property; or
(b) a discount capital gain from a CGT asset that is not taxable Australian property.
276-415(4)
For the purposes of subsection (2), treat the amount of the shortfall under subsection (1) relating to the component as being double what it would be apart from this subsection.
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