Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p5
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 5/27)
Character Range: 18001–20763

(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 extent to which the member's *net capital loss has been *utilised.

Components of tax offset character
 (4) Subsection (5) applies if a *member of an *AMIT in respect of an income year has, for the income year, a *determined member component of a character relating to a *tax offset.
 (5) For the purpose of working out the effects mentioned in subsection (6) for the *member, treat the member as having paid or received 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 paid or received that amount.
 (6) The effects are as follows:
 (a) entitling the member to a *tax offset;
 (b) entitling the member to a credit under Division 18 in Schedule 1 to the Taxation Administration Act 1953.

276‑85  Member's assessable income or tax offsets for determined member components—specific rules
 (1) This section makes clarifications and modifications of the operation of section 276‑80 in respect of a *member of an *AMIT in respect 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