Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p6
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 6/27)
Character Range: 20492–23184

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 interests held by the member in the *AMIT;
 (b) the lack of such arrangements;
 (c) the length of time that the member has been a member of the AMIT;
 (d) any other matter that the Commissioner considers relevant.
 (6) A determination under subsection (3) is not a legislative instrument.
 (7) If an entity to whom a determination relates is dissatisfied with the determination, the entity may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953.

276‑95  Relationship between section 276‑80 and withholding rules
 (1) Subsection 276‑80(2) does not apply to the extent that the *determined member component is reflected in an *AMIT DIR payment or a *fund payment, if an amount in respect of the payment:
 (a) has been withheld from the payment under Subdivision 12‑F or 12‑H in Schedule 1 to the Taxation Administration Act 1953; or
 (b) would be so withheld apart from an exemption from a requirement to withhold under Subdivision 12‑F in that Schedule; or
 (c) has been paid under Division 12A in that Schedule; or
 (d) would be so paid apart from an exemption from a requirement to withhold under