Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p30
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 30/80)
Character Range: 4415837–4418477

if the Commissioner is satisfied that doing so does not result in a detriment to the revenue.

Subdivision 276‑H—AMMA statements

Guide to Subdivision 276‑H

276‑450  What this Subdivision is about
      An AMIT for an income year must give each member of the AMIT in respect of the income year an AMIT member annual statement (or AMMA statement) for the income year.

Table of sections

Operative provisions
276‑455 Obligation to give an AMMA statement
276‑460 AMIT member annual statement (or AMMA statement)

Operative provisions

276‑455  Obligation to give an AMMA statement
 (1) An *AMIT for an income year must give each *member of the AMIT in respect of the income year an *AMMA statement for the income year.
Note: Section 286‑75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of this subsection.
 (2) The statement must be given no later than 3 months after the end of the income year.
 (3) However, the *AMIT need not give an *AMMA statement under subsection (1) to a *member if:
 (a) all of the member's *determined member components for the AMIT for the income year are nil; and
 (b) all of the member's *membership interests in the AMIT have an *AMIT cost base net amount for the income year of nil.
 (4) To avoid doubt, the *AMIT does not fail to comply with subsection (1) merely because:
 (a) the AMIT gives *AMMA statements for the income year to *members in accordance with subsection (1) by the time required under subsection (2); and
 (b) after that time, the AMIT gives those members further AMMA statements for the income year that replace the AMMA statements mentioned in paragraph (a).

276‑460  AMIT member annual statement (or AMMA statement)
 (1) An AMIT member annual statement (or AMMA statement) is a statement made by an *AMIT for an income year in accordance with this section.
 (2) The statement must:
 (a) include information that reflects the amount and character of each *member component of the *member for the income year; and
 (b) state what the trustee reasonably estimates to be the amount of the excess or shortfall mentioned in section 104‑107C (AMIT cost base net amount) for the income year in respect of the *CGT asset that is the member's unit or interest in the *AMIT.
 (3) The statement is not an AMMA statement if the *AMIT fails to give it to the *member to whom it is addressed within 4 years after the end of the income year.
Note: The AMIT must give each member an AMMA statement for the income year no later than 3 months after the end of the income year (see section 276‑455).

Subdivision 276‑J—Debt‑like trust instruments

Guide