Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p11
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 11/80)
Character Range: 4368527–4371375

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 is treated as a fixed trust. A member of the AMIT in respect of the income year is treated as having a vested and indefeasible interest in a share of the income and capital of the AMIT throughout the income year.

Table of sections

Operative provisions
276‑55 AMIT taken to be fixed trust and member taken to have vested and indefeasible interest in income and capital

Operative provisions

276‑55  AMIT taken to be fixed trust and member taken to have vested and indefeasible interest in income and capital
  For the purposes of this Act:
 (a) treat an *AMIT for an income year as a *fixed trust; and
 (b) treat an entity that is a *member of the AMIT in respect of the income year as having a vested and indefeasible interest in a share of the income and capital of the AMIT throughout the income year.

Subdivision 276‑C—Taxation etc. of member components

Guide to Subdivision 276‑C

276‑75  What this Subdivision is about

      Amounts related to income and tax offsets of an AMIT, of a particular tax character, are attributed to members of the AMIT on the basis of their determined member components of that tax character.
      This attribution does not apply to the extent that amounts have been withheld etc. in relation to those components under Subdivision 12‑F, 12‑H or 12A‑C in Schedule 1 to the Taxation Administration Act 1953.
      The trustee of an AMIT that is not a withholding MIT may be liable to pay income tax in respect of a determined member component of a foreign resident member (including where that member is acting in the capacity of a trustee). As a result, the member may be entitled to a tax offset.

Table of sections

Taxation etc. of member on determined member components
276‑80 Member's assessable income or tax offsets for determined member components—general rules
276‑85 Member's assessable income or tax offsets for determined member components—specific rules
276‑90 Commissioner's determination as to status of member as qualified person
276‑95 Relationship between section 276‑80 and withholding rules
276‑100 Relationship between section 276‑80 and other charging provisions in this Act

Foreign resident members—taxation of trustee and corresponding tax offset for members
276‑105 Trustee taxed on foreign resident's determined member components
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