Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p23
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 23/27)
Character Range: 62688–65351

penalty for breach of this subsection.
 (2) The statement must be given no later than 3 months after the end of the income year.
 (3) However, the *AMIT need not give an *AMMA statement under subsection (1) to a *member if:
 (a) all of the member's *determined member components for the AMIT for the income year are nil; and
 (b) all of the member's *membership interests in the AMIT have an *AMIT cost base net amount for the income year of nil.
 (4) To avoid doubt, the *AMIT does not fail to comply with subsection (1) merely because:
 (a) the AMIT gives *AMMA statements for the income year to *members in accordance with subsection (1) by the time required under subsection (2); and
 (b) after that time, the AMIT gives those members further AMMA statements for the income year that replace the AMMA statements mentioned in paragraph (a).

276‑460  AMIT member annual statement (or AMMA statement)
 (1) An AMIT member annual statement (or AMMA statement) is a statement made by an *AMIT for an income year in accordance with this section.
 (2) The statement must:
 (a) include information that reflects the amount and character of each *member component of the *member for the income year; and
 (b) state what the trustee reasonably estimates to be the amount of the excess or shortfall mentioned in section 104‑107C (AMIT cost base net amount) for the income year in respect of the *CGT asset that is the member's unit or interest in the *AMIT.
 (3) The statement is not an AMMA statement if the *AMIT fails to give it to the *member to whom it is addressed within 4 years after the end of the income year.
Note: The AMIT must give each member an AMMA statement for the income year no later than 3 months after the end of the income year (see section 276‑455).

Subdivision 276‑J—Debt‑like trust instruments

Guide to Subdivision 276‑J

276‑500  What this Subdivision is about
      A debt‑like trust instrument in an AMIT is treated as a debt interest in the AMIT. A distribution in relation to the instrument is treated as interest for the purposes of provisions relating to interest withholding tax, and may be treated as a deduction in working out the trust components of the AMIT.

Table of sections

Operative provisions
276‑505 Meaning of debt‑like trust instrument
276‑510 Debt‑like trust instruments treated as debt interests etc.
276‑515 Distribution on debt‑like trust instrument could be deductible in working out trust components

Operative provisions

276‑505  Meaning of debt‑like trust instrument
 (1) An instrument that gives rise to an interest in a trust is a debt‑like trust instrument in relation to the trust if:
 (a) the amount of any