Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p2
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 2/27)
Character Range: 10435–13155

clearly defined at all times when the trust is in existence in the income year; and
             (b) the trustee of the trust needs to have made a choice for the trust to be an AMIT in respect of that income year or an earlier income year.

Table of sections

Operative provisions
276‑10 Meaning of attribution managed investment trust (or AMIT)
276‑15 Clearly defined interests
276‑20 Trust with classes of membership interests—each class treated as separate AMIT

Operative provisions

276‑10  Meaning of attribution managed investment trust (or AMIT)
 (1) A trust is an attribution managed investment trust (or AMIT) for an income year if:
 (a) the trust is a *managed investment trust in relation to the income year; and
 (b) the rights to income and capital arising from each of the *membership interests in the trust are clearly defined (see section 276‑15) at all times when the trust is in existence in the income year; and
 (c) if the trust is a managed investment trust in relation to the income year solely because of paragraph 275‑10(1)(b)—the only members of the trust are managed investment trusts in relation to the income year; and
 (d) if the regulations specify criteria for the purposes of this paragraph—those criteria are satisfied in relation to the trust; and
 (e) either:
 (i) the trustee of the trust has made a choice for the purposes of this subparagraph in respect of that income year; or
 (ii) the trust was an AMIT for an earlier income year.
 (2) A choice for the purposes of subparagraph (1)(e)(i) cannot be revoked.

276‑15  Clearly defined interests
 (1) Without limiting the circumstances in which the rights to income and capital arising from the *membership interests in a trust are clearly defined for the purposes of paragraph 276‑10(1)(b), treat such rights as being clearly defined at a particular time for those purposes if any of the following conditions are satisfied at that time:
 (a) the trust is registered under section 601EB of the Corporations Act 2001;
 (b) the rights to income and capital arising from each of the membership interests in the trust are the same.
 (2) For the purposes of working out whether the condition in paragraph (1)(b) is satisfied, disregard the following:
 (a) fees or charges imposed by the trustee on the *members of the trust;
 (b) issue and redemption prices of *membership interests in the trust;
 (c) exposure of the membership interests in the trust to foreign exchange gains and losses.

276‑20  Trust with classes of membership interests—each class treated as separate AMIT
 (1) Subsections (2) and (3) apply if:
 (a) the *membership interests in an *AMIT for an income year are divided into classes; and
 (b) the rights arising from