Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p13
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 13/80)
Character Range: 4373612–4376360

of an income year.
 (2) For the purposes of this Act, if an amount is included in the *member's assessable income because of the operation of this section, treat that amount as being so included because of the operation of subsection 276‑80(2).

Discount capital gains
 (3) Subsection (4) applies if the *member has, for the income year, a *determined member component of the character of:
 (a) a *discount capital gain from a *CGT asset that is *taxable Australian property; or
 (b) a discount capital gain from a CGT asset that is not taxable Australian property.
 (4) For the purposes of section 276‑80 and this section, treat the amount of the component as being double what it would be apart from this subsection.

Franking credit gross‑up
 (5) Subsection (6) applies if the *member has, for the income year, a *determined member component (the franking credit gross‑up component) of the character of assessable income under subsection 207‑20(1) (franking credit gross‑up).
 (6) For the purposes of subsection 207‑20(1) (franking credit gross‑up), treat the reference in that subsection to the amount of the *franking credit on the distribution as instead being a reference to the amount of the franking credit gross‑up component.

Limitation on circumstances in paragraph 276‑80(2)(b)
 (7) The circumstances mentioned in paragraph 276‑80(2)(b) or (5)(b) do not include the following:
 (a) the residence of the trustee of the *AMIT;
 (b) the place of the central management and control of the AMIT.

276‑90  Commissioner's determination as to status of member as qualified person
 (1) Subsection (2) applies to a *member of an *AMIT in respect of an income year if:
 (a) the AMIT is specified in a determination under subsection (3); and
 (b) the income year is specified in the determination; and
 (c) the member:
 (i) is specified in the determination; or
 (ii) is included in a class of members specified in the determination.
 (2) Treat the *member as not being a qualified person in relation to a distribution in relation to the *AMIT for the income year, for the purposes of Division 1A of former Part IIIAA of the Income Tax Assessment Act 1936.
 (3) For the purposes of this section, the Commissioner may make a determination in writing that identifies any of the following:
 (a) a specified *member of a specified *AMIT;
 (b) a specified class of members of a specified AMIT.
 (4) The determination may specify one or more income years.
 (5) In deciding whether to make a determination under subsection (3), the Commissioner may have regard to any of the following:
 (a) arrangements (if any) entered into by the *member that directly or indirectly reduce the economic exposure of the member to changes in the value of the *membership