Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p9
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 9/64)
Character Range: 421067–423876

Tax Assessment Act 1997 covering the entity for which the assessment was made was in force for the previous income year.
 (2) The Commissioner cannot amend the previous assessment on the basis that:
 (a) if subparagraph (1)(e)(i) applies—the CGT asset should not have been treated as a revenue asset; or
 (b) if subparagraph (1)(e)(ii) applies—the CGT asset should have been treated as a revenue asset.
 (3) Subsection (2) applies despite any other provision of this Act (apart from subsection (4) of this section), the Income Tax Assessment Act 1997 and the Income Tax Assessment Act 1936.
 (4) Subsection (2) does not apply in any of these cases:
 (a) if the entity for which the assessment was made gives the Commissioner a written consent to the amendment;
 (b) if the Commissioner may amend the assessment in accordance with item 5 (fraud or evasion) or 6 (review or appeal) of the table in subsection 170(1) of the Income Tax Assessment Act 1936;
 (c) if the amendment is made for the purpose of giving effect to a provision specified in the regulations for the purposes of this paragraph.

Subdivision 275‑L—Modification for non‑arm's length income

Table of sections
275‑605 Trustee taxed on amount of non‑arm's length income of managed investment trust—not applicable for pre‑introduction scheme where amount derived before start of 2018‑19 income year

275‑605  Trustee taxed on amount of non‑arm's length income of managed investment trust—not applicable for pre‑introduction scheme where amount derived before start of 2018‑19 income year
 (1) This section applies if:
 (a) the requirements set out in paragraphs 275‑610(1)(a), (b) and (c) of the Income Tax Assessment Act 1997 are satisfied in respect of an amount of non‑arm's length income of a managed investment trust in relation to an income year; and
 (b) the managed investment trust became a party to the scheme mentioned in paragraph 275‑610(1)(a) of that Act before the day on which the Bill that became the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 was introduced into the House of Representatives; and
 (c) the amount was derived before the start of the 2018‑19 income year.
 (2) Subsections 275‑605(2), (3) and (4) of that Act do not apply in respect of the amount.

Division 276—Attribution managed investment trusts

Table of Subdivisions
276‑A Application
276‑B Starting income year
276‑T Becoming an AMIT: unders and overs
276‑U Becoming an AMIT: CGT treatment of payment by trustee of AMIT

Subdivision 276‑A—Application

Table of sections
276‑5 Application of Division 276

276‑5  Application of Division 276
  Division 276 of the Income Tax Assessment Act 1997 as inserted in that Act by the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (the amending Act) applies