Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p10
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 10/80)
Character Range: 4366064–4368790

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) cannot be revoked.

276‑15  Clearly defined interests
 (1) Without limiting the circumstances in which the rights to income and capital arising from the *membership interests in a trust are clearly defined for the purposes of paragraph 276‑10(1)(b), treat such rights as being clearly defined at a particular time for those purposes if any of the following conditions are satisfied at that time:
 (a) the trust is registered under section 601EB of the Corporations Act 2001;
 (b) the rights to income and capital arising from each of the membership interests in the trust are the same.
 (2) For the purposes of working out whether the condition in paragraph (1)(b) is satisfied, disregard the following:
 (a) fees or charges imposed by the trustee on the *members of the trust;
 (b) issue and redemption prices of *membership interests in the trust;
 (c) exposure of the membership interests in the trust to foreign exchange gains and losses.

276‑20  Trust with classes of membership interests—each class treated as separate AMIT
 (1) Subsections (2) and (3) apply if:
 (a) the *membership interests in an *AMIT for an income year are divided into classes; and
 (b) the rights arising from each of those membership interests in a particular class are the same as the rights arising from every other of those membership interests in that class; and
 (c) each of those membership interests in a particular class is distinct from each of those membership interests in another class; and
 (d) the trustee of the AMIT has made a choice for the purposes of this paragraph that applies to the income year.
 (2) For the purposes of this Division (other than this Subdivision), treat each class of those *membership interests in the *AMIT as being a separate AMIT for that income year.
 (3) For the purposes of this Division, allocate assessable income, *exempt income, *non‑assessable non‑exempt income, *tax losses, *net capital losses and other similar amounts in respect of the *AMIT between each of the separate classes mentioned in subsection (1) on a fair and reasonable basis.

Making of choice by trustee
 (4) A choice for the purposes of paragraph (1)(d) applies to the income year for which it is made and every subsequent income year.
 (5) A choice for the purposes of paragraph (1)(d) cannot be revoked.

Subdivision 276‑B—Member's vested and indefeasible interest in share of income and capital of AMIT

Guide to Subdivision 276‑B

276‑50  What this Subdivision is about
      An AMIT for an income year