Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p3
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 3/27)
Character Range: 12909–15588

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 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