Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p9
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 9/80)
Character Range: 4363512–4366280

as having a vested and indefeasible interest in a share of the income and capital of the AMIT throughout the income year (see Subdivision 276‑B).
      Amounts related to income and tax offsets of an AMIT, determined by the trustee to be of a particular tax character, are attributed to members, generally retaining that tax character (see Subdivision 276‑C).
      Underestimates and overestimates of amounts at the trust level are carried forward and dealt with in later years. This is done on a character‑by‑character basis. An underestimate in an income year of a particular character results in an under of that character. An overestimate results in an over of that character. Unders and overs arise, and are dealt with, in the income year in which they are discovered (see Subdivision 276‑F).
      The trustee of an AMIT is liable to pay income tax on certain amounts reflecting under‑attribution of income or over‑attribution of tax offsets (see Subdivision 276‑G).
      Special rules apply to a trust that ceases to be an AMIT (see Subdivision 276‑K).

Subdivision 276‑A—What is an attribution managed investment trust?

Guide to Subdivision 276‑A

276‑5  What this Subdivision is about

      A managed investment trust in relation to an income year is an attribution managed investment trust (or AMIT) for the income year if certain criteria are satisfied. In particular:
             (a) the interests of the members of the trust need to be clearly defined at all times when the trust is in existence in the income year; and
             (b) the trustee of the trust needs to have made a choice for the trust to be an AMIT in respect of that income year or an earlier income year.

Table of sections

Operative provisions
276‑10 Meaning of attribution managed investment trust (or AMIT)
276‑15 Clearly defined interests
276‑20 Trust with classes of membership interests—each class treated as separate AMIT

Operative provisions

276‑10  Meaning of attribution managed investment trust (or AMIT)
 (1) A trust is an attribution managed investment trust (or AMIT) for an income year if:
 (a) the trust is a *managed investment trust in relation to the income year; and
 (b) the rights to income and capital arising from each of the *membership interests in the trust are clearly defined (see section 276‑15) at all times when the trust is in existence in the income year; and
 (d) if the regulations specify criteria for the purposes of this paragraph—those criteria are satisfied in relation to the trust; and
 (e) either:
 (i) the trustee of the trust has made a choice for the purposes of this subparagraph in respect of that income year; or
 (ii) the trust was an AMIT for an earlier income year.
 (2) A choice for the purposes of subparagraph (1)(e)(i)