Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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 management and control of the AMIT.