Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p10
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 10/64)
Character Range: 423639–426255

of Division 276

276‑5  Application of Division 276
  Division 276 of the Income Tax Assessment Act 1997 as inserted in that Act by the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (the amending Act) applies as set out in subitem 1(1) of Schedule 8 to the amending Act.

Subdivision 276‑B—Starting income year

Table of sections
276‑25 Starting income year

276‑25  Starting income year
  In this Division:
starting income year means:
 (a) unless paragraph (b) or (c) applies—the 2017‑18 income year; or
 (b) if the trustee of the trust has made a choice for the purposes of paragraph 1(1)(b) of Schedule 8 to the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016—the first income year starting on or after 1 July 2015; or
 (c) if the trustee of the trust has made a choice for the purposes of subparagraph 276‑10(1)(e)(i) of the Income Tax Assessment Act 1997 in respect of the 2016‑17 income year—that income year.

Subdivision 276‑T—Becoming an AMIT: unders and overs

Table of sections
276‑700 Application of Subdivision to MIT that becomes AMIT
276‑705 Accounting for unders and overs for base years before becoming an AMIT

276‑700  Application of Subdivision to MIT that becomes AMIT
  This Subdivision applies if:
 (a) a managed investment trust becomes an AMIT for the starting income year; and
 (b) the trust existed in an earlier income year (the base year); and
 (c) the trust is an AMIT for an income year (the discovery year) that is the starting income year or a later income year.

276‑705  Accounting for unders and overs for base years before becoming an AMIT
 (1) This section applies if the trust has an under or over of a character in the discovery year relating to the base year.
 (2) For the purposes of subsection (1):
 (a) assume that the trust is an AMIT for the base year and every later year before the starting income year; and
 (b) if, at a time, the trust sent its members distribution statements for an income year that is prior to the starting income year—assume that the trust sent those members AMMA statements for that income year at that time.
 (3) For the purposes of Division 276 of the Income Tax Assessment Act 1997, treat the under or over mentioned in subsection (1) as an under or over of the AMIT, in the discovery year relating to the base year, of the character mentioned in that subsection.
 (4) If:
 (a) had the under or over mentioned in subsection (1) been discovered before the starting income year, this Act would have operated to produce a particular effect (the pre‑AMIT scheme effect) for the base year in