Income Tax Assessment Act 1997
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Hide history noteSECTION 276-80 Member ' s assessable income or tax offsets for determined member components - general rules
Components of income character
276-80(1)
Subsection (2) applies if a *member of an *AMIT in respect of an income year has, for the income year, a *determined member component of:
(a) a character relating to assessable income; or
(b) a character relating to *exempt income; or
(c) a character relating to *non-assessable non-exempt income.
276-80(2)
For the purpose of working out the effects mentioned in subsection (3) for the *member, treat the member as having derived, received or made the amount reflected in the *determined member component:
(a) in the member ' s own right (rather than as a member of a trust); and
(b) in the same circumstances as the *AMIT derived, received or made that amount, to the extent that those circumstances gave rise to the particular character of that component.
276-80(3)
The effects are as follows:
(a) including an amount in the assessable income of the *member;
(b) including an amount in the *exempt income of the member;
(c) including an amount in the *non-assessable non-exempt income of the member;
(d) determining whether the member has made a *capital gain from a *CGT event;
(e) determining the extent to which the member ' s *net capital loss has been *utilised.
Components of tax offset character
276-80(4)
Subsection (5) applies if a *member of an *AMIT in respect of an income year has, for the income year, a *determined member component of a character relating to a *tax offset.
276-80(5)
For the purpose of working out the effects mentioned in subsection (6) for the *member, treat the member as having paid or received the amount reflected in the *determined member component:
(a) in the member ' s own right (rather than as a member of a trust); and
(b) in the same circumstances as the *AMIT paid or received that amount.
276-80(6)
The effects are as follows:
(a) entitling the member to a *tax offset;
(b) entitling the member to a credit under Division 18 in Schedule 1 to the Taxation Administration Act 1953 .
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