Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:3_11:p9
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 3 cl 11 (pt 9/13)
Character Range: 111046–113721

circumstances beyond the influence or control of the trustee.

Subdivision 12A‑C—Deemed payments by AMITs etc.

Guide to Subdivision 12A‑C

12A‑200  What this Subdivision is about

      When a withholding MIT that is an AMIT gives a member an AMMA statement, the trustee is deemed to have made a payment to the member.
      The payment is generally the sum of the determined member components reflected in the statement that are of a character relating to assessable income, reduced by any previous actual payments related to those components.
      The deemed payment can flow through one or more custodians, giving rise to subsequent deemed payments.

Table of sections

Operative provisions
12A‑205 Issue of AMMA statement etc. deemed to be payment
12A‑210 Post‑AMMA actual payment and pre‑AMMA actual payment in respect of deemed payment
12A‑215 AMIT payment to the Commissioner in respect of deemed payments to offshore entities etc.
12A‑220 Custodian payment to the Commissioner in respect of deemed payments to offshore entities etc.

Operative provisions

12A‑205  Issue of AMMA statement etc. deemed to be payment
 (1) This section applies if:
 (a) an entity (the first recipient) is or was a *member of a *withholding MIT in respect of an income year; and
 (b) the withholding MIT is an *AMIT for the income year; and
 (c) the AMIT gives the first recipient an *AMMA statement for the income year.
 (2) For the purposes of this Part, Subdivision 840‑M of the Income Tax Assessment Act 1997 and Division 11A of Part III of the Income Tax Assessment Act 1936:
 (a) treat the trustee of the *AMIT as having made a payment (the first deemed payment) of an amount to the first recipient at the time the AMIT gave the first recipient the *AMMA statement; and
 (b) treat the amount of the first deemed payment as being the amount worked out as follows:
 (i) first, work out the total of all the *determined member components of all the *members of the AMIT of a character relating to assessable income for the income year;
 (ii) next, identify each of the *pre‑AMMA actual payments (if any) made to those members in respect of all payments by the trustee to those members that arise from the operation of paragraph (a);
 (iii) next, identify every *AMIT DIR payment (if any) and each *fund payment (if any) that arises from each such pre‑AMMA actual payment;
 (iv) next, reduce the result of subparagraph (i) by the sum of each such AMIT DIR payment and fund payment;
 (v) next, work out how much of the result of subparagraph (iv) is referable to the first recipient.
 (3) Also, for the purposes of Division 11A of Part III of the Income Tax Assessment Act 1936, treat