Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p13
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 13/27)
Character Range: 37835–40533

(2) The requirements are as follows:
 (a) the document was created by the *AMIT;
 (b) the document states expressly the amount of the *trust component;
 (c) at a time after the document was created, the AMIT sent *AMMA statements for the income year to entities that were *members of the AMIT in respect of the income year;
 (d) the amount of the trust component stated in the document reflects the amount of the *determined member components reflected in those AMMA statements.
 (3) If, apart from this subsection, there are 2 or more documents that meet the requirements in subsection (2), treat the most recently created of those documents as being the only document that meets those requirements.
Example: The income year for the AMIT ends on 30 June. The trustee creates a document stating the amount for the income year on 1 July. It sends all AMMA statements on 10 July. The trustee creates another document stating a different amount for the income year on 1 September. It sends revised AMMA statements reflecting that amount on 10 September. The document created on 1 September is the only document that meets the requirements in this section in respect of the amount for the income year.

276‑260  Meaning of trust component
 (1) The object of this section is to ensure that an *AMIT's amounts of assessable income, *exempt income, *non‑assessable non‑exempt income and *tax offsets for an income year are allocated, according to their character, into separate components for the purposes of this Act.
 (2) An *AMIT's trust component for an income year:
 (a) of a character relating to assessable income; or
 (b) of a character relating to *exempt income; or
 (c) of a character relating to *non‑assessable non‑exempt income; or
 (d) of a character relating to a *tax offset;
is the amount of that character for the income year worked out for the AMIT in accordance with the rules in sections 276‑265 and 276‑270.
 (3) This section is subject to Subdivision 276‑F (which deals with the effect of *unders and *overs).
 (4) The rules in sections 276‑265 and 276‑270 apply only for the purposes of determining the amounts of *trust components.

276‑265  Rules for working out trust components—general rules

General taxability and residence assumptions to be made
 (1) Work out the amount of the *trust component of each character in relation to the *AMIT assuming that the AMIT's trustee:
 (a) was liable to pay *tax; and
 (b) was an Australian resident.

Trust components of assessable income character are net of deductions
 (2) The sum of all of the *trust components of a character relating to assessable income of the *AMIT for the income year equals the total assessable income of the