Income Tax Assessment Act 1997
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Hide history noteSECTION 276-85 Member ' s assessable income or tax offsets for determined member components - specific rules 276-85(1)
This section makes clarifications and modifications of the operation of section 276-80 in respect of a *member of an *AMIT in respect of an income year.
276-85(2)
For the purposes of this Act, if an amount is included in the *member ' s assessable income because of the operation of this section, treat that amount as being so included because of the operation of subsection 276-80(2) .
Discount capital gains
276-85(3)
Subsection (4) applies if the *member has, for the income year, a *determined member component 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.
276-85(4)
For the purposes of section 276-80 and this section, treat the amount of the component as being double what it would be apart from this subsection.
Franking credit gross-up
276-85(5)
Subsection (6) applies if the *member has, for the income year, a *determined member component (the franking credit gross-up component ) of the character of assessable income under subsection 207-20(1) (franking credit gross-up).
276-85(6)
For the purposes of subsection 207-20(1) (franking credit gross-up), treat the reference in that subsection to the amount of the *franking credit on the distribution as instead being a reference to the amount of the franking credit gross-up component.
Limitation on circumstances in paragraph 276-80(2)(b)
276-85(7)
The circumstances mentioned in paragraph 276-80(2)(b) or (5)(b) do not include the following:
(a) the residence of the trustee of the *AMIT;
(b) the place of the central management and control of the AMIT.
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