Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 276.10

  (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

  (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.