Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p12
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 12/80)
Character Range: 4371089–4373834

276‑110 Refundable tax offset for foreign resident member—member that is not a trustee

Special rule for interposed custodian
276‑115 Custodian interposed between AMIT and member

Taxation etc. of member on determined member components

276‑80  Member's assessable income or tax offsets for determined member components—general rules

Components of income character
 (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.
 (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.
 (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
 (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.
 (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.
 (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.

276‑85  Member's assessable income or tax offsets for determined member components—specific rules
 (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.
 (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