Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1997
1 Subsection 995 - 1(1)
Insert:
"AMIT" (short for attribution managed investment trust ) has the meaning given by section 276 - 10 .
"AMIT cost base increase amount" has the meaning given by section 104 - 107E .
"AMIT cost base net amount" has the meaning given by section 104 - 107C .
"AMIT cost base reduction amount" has the meaning given by section 104 - 107D .
"AMIT DIR payment" has the meaning given by section 12A - 25 in Schedule 1 to the Taxation Administration Act 1953 .
"AMIT dividend payment" has the meaning given by section 12A - 30 in Schedule 1 to the Taxation Administration Act 1953 .
"AMIT interest payment" has the meaning given by section 12A - 35 in Schedule 1 to the Taxation Administration Act 1953 .
"AMIT member annual statement" : see AMMA statement .
"AMIT royalty payment" has the meaning given by section 12A - 40 in Schedule 1 to the Taxation Administration Act 1953 .
"AMMA statement" (short for AMIT member annual statement ) has the meaning given by section 276 - 46 0 .
2 Subsection 995 - 1(1) (after paragraph ( a) of the definition of amount required to be withheld )
Insert:
(aa a ) the amount that Division 12A in that Schedule requires the entity to pay to the Commissioner in respect of the payment; or
3 Subsection 995 - 1(1) (after paragraph ( a) of the definition of amount withheld )
Insert:
(aa a ) an amount that the entity paid to the Commissioner under Division 12A in that Schedule in respect of the payment; or
4 Subsection 995 - 1(1)
Insert:
"attribution managed investment trust" : see AMIT .
"carry-forward trust component deficit" , of a particular character , has the meaning given by section 276 - 3 30 .
"cross-character allocation amount" , of a particular character , has the meaning given by section 276 - 3 30 .
"debt-like trust instrument" has the meaning given by section 276 - 50 5 .
"determined member component" has the meaning given by section 276 - 2 05 .
"determined trust component" has the meaning given by section 276 - 2 55 .
"FITO allocation amount" , of a particular character , has the meaning given by section 276 - 3 3 5 .
5 Subsection 995 - 1(1) (at the end of the definition of fixed trust )
Add:
Note: AMITs are treated as fixed trusts (see section 276 - 55 ) .
6 Subsection 995 - 1(1) (definition of fund payment )
Omit "12 - 405", substitute "sections 12 - 405 and 12A - 110 " .
7 Subsection 995 - 1(1) (at the end of the definition of income tax law )
Add:
; or (f) tax payable in accordance with subsection 276 - 340(2), 276 - 410(2), 276 - 425(2) or 276 - 820(6) (AMIT offset taxation).
8 Subsection 995 - 1(1) (definition of managed investment trust )
Repeal the definition, substitute:
"managed investment trust" has the meaning given by section 275 - 10 .
9 Subsection 995 - 1(1)
Insert:
"member component" has the meaning given by section 276 - 21 0 .
10 Subsection 995 - 1(1) (definition of MIT participation interest )
Repeal the definition, substitute:
"MIT participation interest" has the meaning given by section 275 - 40 .
1 1 Subsection 995 - 1(1) (definition of non - arm's length income )
Repeal the definition, substitute:
"non-arm's length income" has the meaning given by sections 295 - 550 and 27 5 - 6 10 .
1 2 Subsection 995 - 1(1)
Insert:
"over" , of a particular character , has the meaning given by section 276 - 3 4 5 .
"post-AMMA actual payment" has the meaning given by section 12A - 210 in Schedule 1 to the Taxation Administration Act 1953 .
"pre-AMMA actual payment" has the meaning given by section 12A - 210 in Schedule 1 to the Taxation Administration Act 1953 .
"rounding" adjustment deficit has the meaning given by section 276 - 3 10 .
"rounding adjustment surplus" has the meaning given by section 276 - 3 15 .
"trust component" , of a particular character , has the meaning given by sections 276 - 2 6 0 .
"trust component deficit" , of a particular character , has the meaning given by sections 276 - 3 20 .
"under" , of a particular character , has the meaning given by section 276 - 3 4 5 .
"withholding MIT" has the meaning given by section 12 - 383 in Schedule 1 to the Taxation Administration Act 1953 .
1 3 Subsection 995 - 1(1) (after paragraph ( a) of the definition of withholding payment (first occurring))
Insert:
(aa) a payment that arises because of the operation of section 12A - 205 in that Schedule (deemed payments) in respect of which Subdivision 12A - C in that Schedule requires an amount to be paid to the Commissioner; or
1 4 Subsection 995 - 1(1) (after paragraph ( a) of the definition of withholding payment (second occurring))
Insert:
(aa) a payment that arises because of the operation of section 12A - 205 in that Schedule (deemed payments) in respect of which that provision requires an amount to be paid to the Commissioner; or