Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p4
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 4/27)
Character Range: 15343–18243

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 that tax character.
      This attribution does not apply to the extent that amounts have been withheld etc. in relation to those components under Subdivision 12‑F, 12‑H or 12A‑C in Schedule 1 to the Taxation Administration Act 1953.
      The trustee of an AMIT that is not a withholding MIT may be liable to pay income tax in respect of a determined member component of a foreign resident member (including where that member is acting in the capacity of a trustee). As a result, the member may be entitled to a tax offset.

Table of sections

Taxation etc. of member on determined member components
276‑80 Member's assessable income or tax offsets for determined member components—general rules
276‑85 Member's assessable income or tax offsets for determined member components—specific rules
276‑90 Commissioner's determination as to status of member as qualified person
276‑95 Relationship between section 276‑80 and withholding rules
276‑100 Relationship between section 276‑80 and other charging provisions in this Act

Foreign resident members—taxation of trustee and corresponding tax offset for members
276‑105 Trustee taxed on foreign resident's determined member components
276‑110 Refundable tax offset for foreign resident member—member that is not a trustee

Special rule for interposed custodian
276‑115 Custodian interposed between AMIT and member

Taxation etc. of member on determined member components

276‑80  Member's assessable income or tax offsets for determined member components—general rules

Components of income character
 (1) Subsection (2) applies if a *member of an *AMIT in respect of an income year has, for the income year, a *determined member component of:
 (a) a character relating to assessable income; or
 (b) a character relating to *exempt income; or
 (c) a character relating to *non‑assessable non‑exempt income.
 (2) For the purpose of working out the effects mentioned in subsection (3) for the *member, treat the member as having derived, received or made the amount reflected in the *determined member component:
 (a) in the member's own right (rather than as a member of a trust); and
 (b) in the same circumstances as the *AMIT derived, received or made that amount, to the extent that those circumstances gave rise to the particular character of that component.
 (3) The effects are as follows:
 (a) including an amount in the assessable income of the *member;
 (b) including an amount in the *exempt income of the member;
 (c) including an amount in the *non‑assessable non‑exempt income of the member;
 (d) determining whether the member has made a *capital gain from a *CGT event;
 (e) determining the