Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p22
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 22/27)
Character Range: 60258–62907

have been if it had been worked out on the basis of what the trustee should have known at that time.

Liability to tax
 (2) The trustee is liable to pay tax at the rate declared by the Parliament on the amount that is the sum of each shortfall of the *AMIT under subsection (1) for the income year.
Note: The tax is imposed by the Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016 and the rate of the tax is set out in that Act.

Adjustment for later overs relating to the same base year
 (3) If there is a shortfall under subsection (1) for a particular character for an income year, for the purposes of applying paragraph 276‑345(3)(b) (base year running balance) to a later income year, decrease the amount mentioned in subparagraph 276‑345(3)(b)(ii) (previous discovery year amount) for that character by the amount of the shortfall.
 (4) Subsection (5) applies if:
 (a) there is a shortfall under subsection (1) of a particular character relating to a *tax offset for an income year; and
 (b) the *AMIT has an *over of that character in a later income year relating to the base year mentioned in subsection (1); and
 (c) the amount mentioned in paragraph (1)(b) is reflected (in whole or in part) in the amount of the over.
 (5) Reduce the shortfall by the extent to which the *over in the later income year reflects the amount mentioned in paragraph (1)(b).

Commissioner may remit tax under this Subdivision

276‑430  Commissioner may remit tax under this Subdivision
  The Commissioner may remit the whole or any part of income tax for which a liability arises under this Subdivision 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