Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p20
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 20/27)
Character Range: 55571–58156

a character relating to a *tax offset for the income year;
exceeds:
 (b) the *member component of the member of that character for the income year.

Liability to tax
 (2) The trustee is liable to pay tax at the rate declared by the Parliament on the amount that is the sum of each excess of the *AMIT under subsection (1) for the income year.
Note: The tax is imposed by the Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016 and the rate of the tax is set out in that Act.

276‑415  Trustee taxed on amounts of determined trust component that are not reflected in determined member components
 (1) An *AMIT has a shortfall under this subsection for an income year equal to the amount (if any) by which:
 (a) the sum of all the *determined member components of all the *members of the AMIT of a particular character relating to assessable income, *exempt income or *non‑assessable non‑exempt income for the income year;
falls short of:
 (b) the *determined trust component of that character of the AMIT for the income year.

Liability to tax
 (2) The trustee is liable to pay income tax at the rate declared by the Parliament on the amount worked out as follows:
 (a) first, work out the sum of each shortfall of the *AMIT under subsection (1) for the income year;
 (b) next, work out the extent (if any) to which each of those shortfalls gives rise to a *rounding adjustment deficit (see subsection 276‑310(2));
 (c) next, subtract the result of paragraph (b) from the result of paragraph (a);
 (d) next, work out the extent (if any) to which the result of paragraph (c) is referable to one or more shortfalls under subsection 276‑405(1);
 (e) next, subtract the result of paragraph (d) from the result of paragraph (c).
Note: The rate is set out in subsection 12(12) of the Income Tax Rates Act 1986.

Gross‑up for discount capital gain
 (3) Subsection (4) applies if a *determined member component is 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.
 (4) For the purposes of this section, treat the amount of the component as being double what it would be apart from this subsection.

Ensuring unders and overs are properly taxed

276‑420  Trustee taxed on amounts of under of character relating to assessable income not properly carried forward
 (1) An *AMIT for an income year has a shortfall under this subsection for the income year equal to the amount (if any) by which:
 (a) an *under of the AMIT of a character