Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p20
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 20/80)
Character Range: 4390900–4393694

(b) an entity was a *member of the AMIT in respect of the income year, but was not a member of the AMIT at the time the capital gain or capital loss was made.

Subdivision 276‑E—Trust components

Guide to Subdivision 276‑E

276‑250  What this Subdivision is about

      An AMIT's trust component of a particular character is worked out on the basis of the AMIT's assessable income, exempt income, non‑assessable non‑exempt income and tax offsets (on the assumption that the AMIT were an Australian resident liable to pay tax).
      An AMIT's determined trust component of a particular character is the amount stated to be its trust component of that character in a document that meets certain requirements.

Table of sections

Trust‑level concepts
276‑255 Meaning of determined trust component
276‑260 Meaning of trust component
276‑265 Rules for working out trust components—general rules
276‑270 Rules for working out trust components—allocation of deductions

Trust‑level concepts

276‑255  Meaning of determined trust component
 (1) An *AMIT's determined trust component of a particular character for an income year is the amount stated to be its *trust component of that character in a document that meets the requirements in subsection (2).
 (2) The requirements are as follows:
 (a) the document was created by the *AMIT;
 (b) the document states expressly the amount of the *trust component;
 (c) at a time after the document was created, the AMIT sent *AMMA statements for the income year to entities that were *members of the AMIT in respect of the income year;
 (d) the amount of the trust component stated in the document reflects the amount of the *determined member components reflected in those AMMA statements.
 (3) If, apart from this subsection, there are 2 or more documents that meet the requirements in subsection (2), treat the most recently created of those documents as being the only document that meets those requirements.
Example: The income year for the AMIT ends on 30 June. The trustee creates a document stating the amount for the income year on 1 July. It sends all AMMA statements on 10 July. The trustee creates another document stating a different amount for the income year on 1 September. It sends revised AMMA statements reflecting that amount on 10 September. The document created on 1 September is the only document that meets the requirements in this section in respect of the amount for the income year.

276‑260  Meaning of trust component
 (1) The object of this section is to ensure that an *AMIT's amounts of assessable income, *exempt income, *non‑assessable non‑exempt income and *tax offsets for an income year are allocated, according to their character, into separate components for the purposes of this Act.
 (2) An *AMIT's trust component