the interests of the members of the trust need to be clearly defined at all times when the trust is in existence in the income year; and

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.

the trust is a *managed investment trust in relation to the income year; and

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

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

if the regulations specify criteria for the purposes of this paragraph—those criteria are satisfied in relation to the trust; and

either:

the trustee of the trust has made a choice for the purposes of this subparagraph in respect of that income year; or

the trust was an AMIT for an earlier income year.

(a) the trust is registered under Corporations Act 2001;section 601EB of the

the rights to income and capital arising from each of the membership interests in the trust are the same.

fees or charges imposed by the trustee on the *members of the trust;

issue and redemption prices of *membership interests in the trust;

exposure of the membership interests in the trust to foreign exchange gains and losses.

the *membership interests in an *AMIT for an income year are divided into classes; and

the rights arising from each of those membership interests in a particular class are the same as the rights arising from every other of those membership interests in that class; and

each of those membership interests in a particular class is distinct from each of those membership interests in another class; and

the trustee of the AMIT has made a choice for the purposes of this paragraph that applies to the income year.

treat an *AMIT for an income year as a *fixed trust; and

(b) treat an entity that is a *member of the AMIT in respect of the income year as having a vested and indefeasible interest in a share of the income and capital of the AMIT throughout the income year.

a character relating to assessable income; or

a character relating to *exempt income; or

a character relating to *non-assessable non-exempt income.

in the member’s own right (rather than as a member of a trust); and

in the same circumstances as the *AMIT derived, received or made that amount, to the extent that those circumstances gave rise to the particular character of that component.

including an amount in the assessable income of the *member;

including an amount in the *exempt income of the member;

including an amount in the *non-assessable non-exempt income of the member;

determining whether the member has made a *capital gain from a *CGT event;

determining the extent to which the member’s *net capital loss has been *utilised.

in the member’s own right (rather than as a member of a trust); and

in the same circumstances as the *AMIT paid or received that amount.

entitling the member to a *tax offset;

(b) entitling the member to a credit under Taxation Administration Act 1953.Division 18 in Schedule 1 to the

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.

the residence of the trustee of the *AMIT;

the place of the central management and control of the AMIT.

the AMIT is specified in a determination under subsection (3); and

the income year is specified in the determination; and

the member:

is specified in the determination; or

is included in a class of members specified in the determination.

a specified *member of a specified *AMIT;

a specified class of members of a specified AMIT.

arrangements (if any) entered into by the *member that directly or indirectly reduce the economic exposure of the member to changes in the value of the *membership interests held by the member in the *AMIT;

the lack of such arrangements;

the length of time that the member has been a member of the AMIT;

any other matter that the Commissioner considers relevant.

(a) has been withheld from the payment under Subdivision 12-F or 12-H in Schedule 1 to the Taxation Administration Act 1953; or

would be so withheld apart from an exemption from a requirement to withhold under Subdivision 12-F in that Schedule; or

has been paid under Division 12A in that Schedule; or

would be so paid apart from an exemption from a requirement to withhold under Subdivision 12-F in that Schedule.

(a) Income Tax Assessment Act 1936;Division 11A of Part III of the

Subdivision 840-M of this Act;

(c) Taxation Administration Act 1953.Division 12 in Schedule 1 to the

an amount is included in the assessable income of a *member of an *AMIT in respect of an income year in respect of the member’s interest in the AMIT; and

that amount is so included otherwise than because of the operation of subsection 276-80(2).

a *member of an *AMIT in respect of an income year has, for the income year, a *determined member component of a character relating to assessable income in respect of the AMIT; and

either:

unless subparagraph (ii) applies—the member is a foreign resident at the end of the income year; or

if the member is, in respect of that determined member component, a beneficiary in the capacity of a trustee of another trust—a trustee of the other trust is a foreign resident at the end of the income year; and

the AMIT is not a *withholding MIT.

(a) if subparagraph (1)(b)(i) applies and the *member is not a company—in respect of the amount mentioned in subsection (3) as if it were the income of an individual and were not subject to any deduction; or

if subparagraph (1)(b)(i) applies and the member is a company—in respect of the amount mentioned in subsection (3) at the rate declared by the Parliament for the purposes of this paragraph; or

if subparagraph (1)(b)(ii) applies—in respect of the amount mentioned in subsection (4) or (5) at the rate declared by the Parliament for the purposes of this paragraph.

(a) for paragraph (a)—subsection 12(6A) of the Income Tax Rates Act 1986 and Schedule 10A to that Act;

for paragraph (b)—paragraph 28A(a) of that Act;

for paragraph (c)—paragraph 28A(b) of that Act.

is attributable to a period when the *member was an Australian resident; or

is attributable to a period when the member was not an Australian resident and is attributable to sources in Australia.

a *discount capital gain from a *CGT asset that is not *taxable Australian property; or

a *capital gain (other than a discount capital gain) from a CGT asset that is not taxable Australian property.

(a) has been withheld from the payment under Subdivision 12-F or 12-H in Schedule 1 to the Taxation Administration Act 1953; or

would be so withheld apart from an exemption from a requirement to withhold under Subdivision 12-F in that Schedule; or

has been paid under Division 12A in that Schedule; or

would be so paid apart from an exemption from a requirement to withhold under Subdivision 12-F in that Schedule.

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.

a trust that is a *custodian is a *member of an *AMIT in respect of an income year; and

the custodian has, for the income year, a *determined member component of a particular character for the AMIT; and

(c) the custodian is interposed between the AMIT and another entity (the subsequent recipient); and

the subsequent recipient:

starts to have, at a time in the income year, an entitlement to an amount that is reasonably attributable to all or part of the determined member component; or

would start to have, at a time in the income year, such an entitlement if the determined member component were an actual payment of an amount.

treat the subsequent recipient as being a *member of the *AMIT in respect of the income year; and

treat the subsequent recipient as having, for the income year, a *determined member component for the AMIT that:

is of the character mentioned in paragraph (1)(b); and

is equal to the amount of the entitlement mentioned in subparagraph (1)(d)(i) or (ii).

the *member makes a choice for the purposes of this paragraph that complies with subsection (5); and

the member gives a copy of the choice to the Commissioner within 4 months after:

unless subparagraph (ii) applies—the end of the member’s income year; or

if the *AMIT gives the member a revised *AMMA statement for the income year at a time after the end of that income year—that time; and

the member gives a notice of the choice, in accordance with subsection (7), to the trustee of the AMIT within those 4 months.

be in writing; and

state the following matters:

the income year to which the choice relates;

what the *member considers to be the member’s *member component of that character for the income year;

(iii) the reason why the member considers that the *determined member component of that character for the income year does not accord with subsections 276-210(2), (3) and (4).

be in writing; and

state the matters mentioned in paragraph (5)(b).

the constituent documents of the *AMIT give the trustee of the AMIT the power to direct an amount arising from the sale of an asset to a particular *member, if:

the member redeems one or more *membership interests in the AMIT; and

the direction of the amount is made to fund the redemption; and

the trustee exercises that power.

either:

an amount of an *under, relating to a base year (as mentioned in subsection 276-345(1)) increases a *trust component of the *AMIT for a later income year under section 276-305; or

an amount of an *over, relating to a base year (as mentioned in subsection 276-345(1)) decreases a trust component of the AMIT for a later income year under section 276-305; and

(b) an entity is a *member of the AMIT at a time in the later income year, but was not a member of the AMIT in respect of the base year.

the trustee made a *capital gain or *capital loss in an income year (for the purposes of working out the amount of a *trust component of the *AMIT for an income year in accordance with the rules in section 276-265); and

(b) an entity was a *member of the AMIT in respect of the income year, but was not a member of the AMIT at the time the capital gain or capital loss was made.

the document was created by the *AMIT;

the document states expressly the amount of the *trust component;

at a time after the document was created, the AMIT sent *AMMA statements for the income year to entities that were *members of the AMIT in respect of the income year;

the amount of the trust component stated in the document reflects the amount of the *determined member components reflected in those AMMA statements.

of a character relating to assessable income; or

of a character relating to *exempt income; or

of a character relating to *non-assessable non-exempt income; or

of a character relating to a *tax offset;

was liable to pay *tax; and

was an Australian resident.

the AMIT has a shortfall for the previous income year under subsection 276-415(1); and

the shortfall results wholly or partly from the trustee of the AMIT rounding down amounts in working out *determined member components for the previous income year.

the AMIT has an excess for the previous income year under subsection (3); and

the excess results wholly or partly from the trustee of the AMIT rounding up amounts in working out *determined member components for the previous income year.

the sum of all the *determined member components of all the *members of the AMIT of a particular character relating to assessable income, *exempt income or *non-assessable non-exempt income for the income year;

the *determined trust component of that character of the AMIT for the income year.

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.

despite those provisions, the *trust component of that character is nil; and

(b) the shortfall is the *AMIT’s trust component deficit of that character for the income year.

(a) the character of the *trust component is a character relating to *ordinary income, or *statutory income, from a source other than an *Australian source; and

the *AMIT has a *FITO allocation amount for the income year;

must allocate that *trust component deficit between those other *trust components on a reasonable basis; and

cannot allocate more to a trust component than the amount of that trust component.

the *AMIT has a *trust component of the character of *foreign income tax paid that counts towards a *tax offset under Division 770; and

the AMIT has a *trust component deficit for the income year of that character.

that *trust component deficit; and

the product of:

that trust component deficit; and

the *corporate tax gross-up rate.

the *AMIT has a *trust component of a character relating to a *tax offset; and

(b) the character of the trust component is not the character of *foreign income tax paid that counts towards a tax offset under Division 770; and

the AMIT has a *trust component deficit for the income year of that character.

(a) the *AMIT’s *trust component of that character for the base year, worked out on the basis of the trustee’s knowledge at the discovery time (the discovery year amount);

(b) this amount (the base year running balance):

if the discovery year is the first income year after the base year—the AMIT’s *determined trust component of that character for the base year; or

otherwise—the discovery year amount worked out under a previous operation of this section for the most recent income year before the discovery year.

assuming the Commissioner made an assessment of the *trust component of that character on the day on which the document stating the AMIT’s *determined trust component of that character for the base year was created; and

assuming the assessment had not been amended at the discovery time mentioned in subsection 276-345(2) for the under or over;

the *determined member component of a *member of the AMIT of a character relating to assessable income for the income year;

the *member component of the member of that character for the income year.

the *determined member component of a *member of the AMIT of a character relating to a *tax offset for the income year;

the *member component of the member of that character for the income year.

the sum of all the *determined member components of all the *members of the AMIT of a particular character relating to assessable income, *exempt income or *non-assessable non-exempt income for the income year;

the *determined trust component of that character of the AMIT for the income year.

first, work out the sum of each shortfall of the *AMIT under subsection (1) for the income year;

next, work out the extent (if any) to which each of those shortfalls gives rise to a *rounding adjustment deficit (see subsection 276-310(2));

next, subtract the result of paragraph (b) from the result of paragraph (a);

next, work out the extent (if any) to which the result of paragraph (c) is referable to one or more shortfalls under subsection 276-405(1);

next, subtract the result of paragraph (d) from the result of paragraph (c).

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.

(a) an *under of the AMIT of a character relating to assessable income in the income year for an earlier income year (the base year) (as worked out by the trustee on the basis of the trustee’s knowledge at the discovery time mentioned in subsection 276-345(2));

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

there is a shortfall under subsection (1) for a particular character for an income year; and

the *AMIT has an *under of that character in a later income year for the base year mentioned in subsection (1); and

the amount mentioned in paragraph (1)(b) is reflected (in whole or in part) in the amount of the under.

(a) an *over of the AMIT of a character relating to a *tax offset in the income year relating to an earlier income year (the base year) (as worked out by the trustee on the basis of the trustee’s knowledge at the discovery time mentioned in subsection 276-345(2));

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

there is a shortfall under subsection (1) of a particular character relating to a *tax offset for an income year; and

the *AMIT has an *over of that character in a later income year relating to the base year mentioned in subsection (1); and

the amount mentioned in paragraph (1)(b) is reflected (in whole or in part) in the amount of the over.

all of the member’s *determined member components for the AMIT for the income year are nil; and

all of the member’s *membership interests in the AMIT have an *AMIT cost base net amount for the income year of nil.

the AMIT gives *AMMA statements for the income year to *members in accordance with subsection (1) by the time required under subsection (2); and

after that time, the AMIT gives those members further AMMA statements for the income year that replace the AMMA statements mentioned in paragraph (a).

include information that reflects the amount and character of each *member component of the *member for the income year; and

state what the trustee reasonably estimates to be the amount of the excess or shortfall mentioned in section 104-107C (AMIT cost base net amount) for the income year in respect of the *CGT asset that is the member’s unit or interest in the *AMIT.

the amount of any distribution relating to the interest is fixed, at the time the interest is created, by reference to the amount subscribed for the interest; and

any distribution relating to the interest is made solely at the discretion of the trustee of the trust; and

rights to distributions of capital or profits arising from all interests in the trust that are in the same *class as the interest, rank above all such rights arising from other interests in the trust (other than those covered under subsection (2)) if:

the trust ceases to exist; or

where the trust is a *managed investment scheme—the scheme is under administration or is being wound up; and

(d) in a case where, in relation to a particular period, the trustee of the trust does not make a distribution relating to the interest—making a distribution of any of the following kinds, in relation to that period, is prohibited by the constituent documents of the trust:

a distribution relating to any membership interest in the trust;

a distribution relating to a membership interest in another entity, if that interest is stapled together with a membership interest in the trust.

(a) is not a *membership interest in the trust; or

satisfies the requirements in paragraphs (1)(a) and (b).

treat a *debt-like trust instrument in relation to an *AMIT as a *debt interest in the AMIT; and

treat a distribution on a debt-like trust instrument in relation to an AMIT as a cost incurred by the AMIT in relation to a debt interest issued by the AMIT.

determining whether the trust is a *managed investment trust in relation to the income year; and

determining whether the trust is an AMIT for the income year.

*exempt income of the *AMIT;

*non-assessable non-exempt income of the AMIT.

a trust was an *AMIT for an income year; and

(b) the trust is not an AMIT for a later income year (the discovery year).

increases the amount of the AMIT’s *trust component of that character for the discovery year; or

decreases the amount of the AMIT’s trust component of that character for the discovery year.

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.

in the case of a character of:

a *discount capital gain from a *CGT asset that is *taxable Australian property; or

(ii) a discount capital gain from a CGT asset that is not taxable Australian property;

in the case of a character of:

a *capital gain (other than a discount capital gain) from a CGT asset that is taxable Australian property; or

(ii) a capital gain (other than a discount capital gain) from a CGT asset that is not taxable Australian property;

in any other case—treat the amount of the decrease as a deduction of the trust for the discovery year.

unless paragraph (b) applies—the trustee is liable to pay tax at the rate declared by the Parliament on the excess; or

if that character is the character of *foreign income tax paid that counts towards a tax offset under Division 770—subsection (7) applies.

the excess mentioned in subsection (6); and

the product of:

that excess; and

the *corporate tax gross-up rate.

(a) you are required under Income Tax Assessment Act 1997 (AMMA statements) to give information to an entity (other than the Commissioner) by a particular day; andsection 276-455 of the

you do not give the information to the entity by that day.

(a) the entity is a trustee of an *AMIT for an income year (the base year); and

the AMIT has an *under or *over for the base year; and

at least one of the items in the table in subsection (3) applies in respect of the under or over.

if the penalty specified under column 3 of item 1 of the table in that subsection is less than 60 penalty units—the amount of the penalty is 60 penalty units; and

if the penalty specified under column 3 of item 2 of the table in that subsection is less than 40 penalty units—the amount of the penalty is 40 penalty units.

an *under of:

a character relating to assessable income; or

a character relating to *exempt income; or

a character relating to *non-assessable non-exempt income;

an *over of a character relating to a *tax offset.

an *over of:

a character relating to assessable income; or

a character relating to *exempt income; or

a character relating to *non-assessable non-exempt income;

an *under of a character relating to a *tax offset.

you are a *member of an *AMIT in respect of an income year because you have a *CGT asset that is your unit or your interest in the AMIT; and

the *cost base of that asset is reduced under subsection 104-107B(2) at a time; and

the asset’s *AMIT cost base net amount for the income year in which the reduction occurs exceeds the cost base of the asset.

(a) in a case where that AMIT cost base net amount exceeds the *cost base of the asset—reduce the cost base and *reduced cost base of the asset to nil; or

(b) otherwise—reduce the cost base and reduced cost base of the asset by that AMIT cost base net amount.

(a) unless paragraph (b) applies—just before the end of the income year; or

(b) if a *CGT event happens to the *CGT asset at a time when you hold it before the end of the income year—just before the time of that CGT event.

if the CGT asset’s *AMIT cost base reduction amount for the income year exceeds the CGT asset’s *AMIT cost base increase amount for the income year—the amount of the excess; or

if the CGT asset’s AMIT cost base reduction amount for the income year falls short of the CGT asset’s AMIT cost base increase amount for the income year—the amount of the shortfall.

money, and the *market value of any property, if:

you start to have a right to receive the money or property from the trustee of the *AMIT in the income year; and

that right is indefeasible (disregarding section 276-55) or is reasonably likely not to be defeated; and

all amounts of *tax offset that you have for the income year in respect of the AMIT because of the operation of section 276-80;

*CGT event A1, C2, E1, E2, E6 or E7 happens to the *CGT asset before the end of the income year; and

as a result, the time of the reduction or increase mentioned in subsection 104-107B(4) is just before the time of that CGT event;

amounts so included because of the operation of section 276-80;

amounts so included otherwise than because of the operation of section 276-80 (as reduced in accordance with section 276-100).

you have for the income year in respect of the *AMIT; and

is taken into account under section 276-80.

you start to have a right to receive any money or any property from the trustee of an *AMIT in an income year; and

the right is indefeasible (disregarding section 276-55) or is reasonably likely not to be defeated; and

(c) the right is not remuneration or consideration for you providing finance, services, goods or property to the trustee of the AMIT or to another person; and

the right is reasonably attributable to a *CGT asset that is a *membership interest in the AMIT; and

(e) the CGT asset is neither *trading stock nor a *Division 230 financial arrangement; and

as a result of you starting to have the right, the CGT asset’s *AMIT cost base reduction amount for the income year is increased because of the operation of section 104-107E.

sections 6-5 (about *ordinary income), 8-1 (about amounts you can deduct), 15-15 and 25-40 (about profit-making undertakings or plans);

(b) sections 25A and 52 of the Income Tax Assessment Act 1936 (about profit-making undertakings or schemes).

you are a *member of an *AMIT in respect of an income year because you have a *CGT asset that is your unit or your interest in the AMIT; and

the CGT asset is a *revenue asset; and

the CGT asset is not a *Division 230 financial arrangement.

sections 6-5 (about *ordinary income), 8-1 (about amounts you can deduct), 15-15 and 25-40 (about profit-making undertakings or plans);

(b) sections 25A and 52 of the Income Tax Assessment Act 1936 (about profit-making undertakings or schemes).

in a case where that AMIT cost base net amount exceeds the cost of the asset—reduce the cost of the asset to nil; or

otherwise—reduce the cost of the asset by that AMIT cost base net amount.

(a) unless paragraph (b) applies—just before the end of the income year; or

(b) if a *CGT event happens to the *CGT asset at a time when you hold it before the end of the income year—just before the time of that CGT event.

the right is for you to receive any money or any property from the trustee of the *AMIT; and

the right is remuneration or consideration for you providing finance, services, goods or property to the trustee of the AMIT or to another person.

paragraph 104-107G(3)(a) applies in respect of the *CGT asset’s *AMIT cost base net amount for the income year; and

that AMIT cost base net amount exceeds the cost of the *CGT asset just before the time mentioned in subsection 104-107G(5).

if the cost of the *CGT asset was nil just before that time—the cost reduction amount; or

otherwise—the excess mentioned in paragraph (1)(b).

if paragraph (2)(a) applies—disregard the phrase “(but not a beneficiary in the capacity of a trustee of another trust)” in paragraph (2)(c); or

if paragraph (3)(b) applies—disregard the phrase “(but not a beneficiary in the capacity of a trustee of another trust)” in paragraph (3)(c); or

if paragraph (4)(b) applies—disregard paragraph (4)(c).

(a) a trustee of a trust is liable to pay income tax on a fund payment part (a taxed part) because of the operation of subsection (4D); and

you are a beneficiary of the trust and are presently entitled to a share of the income or capital of the trust;

*managed investment trust withholding tax is payable on the amount because of subsection 840-805(4D); and

the Australian resident is entitled, directly or indirectly, to the amount.

(a) it is a *managed investment trust in relation to that income year because of paragraph 275-10(1)(a) or (2)(b) of the Income Tax Assessment Act 1997; and

a substantial proportion of the investment management activities carried out in relation to the trust in respect of all of the following assets of the trust are carried out in Australia throughout the income year:

assets that are situated in Australia at any time in the income year;

assets that are *taxable Australian property at any time in the income year;

assets that are *shares, units or interests listed for quotation in the official list of an *approved stock exchange in Australia at any time in the income year.

the entity that receives a payment as mentioned in subsection 12-215(1), 12-250(1) or 12-285(1) is a *custodian; and

it received the payment from an *AMIT.

the payment arises because of the operation of section 12A-205 (deemed payments); or

the payment is a *post-AMMA actual payment in respect of a payment that so arises.

(a) the entity makes a payment to another entity (the recipient) from which an amount would have been required to be withheld under Subdivision 12-F if:

the entity were a company; and

the payment had been made to a foreign resident; and

the condition in either or both of paragraphs 12-210(a) or (b), of paragraphs 12-245(a) or (b) or of paragraphs 12-280(a) or (b) (as the case requires) were satisfied; and

an amount is not required to be withheld from the payment because:

(i) the recipient is not a foreign resident; or

(ii) the recipient is a foreign resident carrying on business in Australia at or through a permanent establishment (Income Tax Assessment Act 1936) of the recipient in Australia, and the payment is attributable to the permanent establishment; andwithin the meaning of subsection 128B(3F) of the

the payment is any of the following:

a payment that arises because of the operation of section 12A-205 (deemed payments);

a *pre-AMMA actual payment in respect of a payment that so arises.

give to the recipient a written notice containing the details specified in subsection (3); or

make those details available on a website in a way that the details are readily accessible to the recipient for not less than 5 continuous years.

must specify the part of the payment from which an amount would have been so required to have been withheld; and

must specify the income year of the *AMIT to which that part relates.

the entity receives a payment; and

(b) another entity (the subsequent recipient) is or becomes entitled:

to receive from the entity; or

(ii) to have the entity credit to the subsequent recipient, or otherwise deal with on the subsequent recipient’s behalf or as the subsequent recipient directs;

(c) the entity would have been required to withhold an amount from the payment under subsection 12-215(1), 12-250(1) or 12-285(1) if the subsequent recipient had been a foreign resident; and

an amount is not required to be withheld from the payment because:

(i) the subsequent recipient is not a foreign resident; or

(ii) the subsequent recipient is a foreign resident carrying on business in Australia at or through a permanent establishment (within the meaning of subsection 128B(3F) of the Income Tax Assessment Act 1936) of the subsequent recipient in Australia, and the payment is attributable to the permanent establishment; and

the payment is any of the following:

a payment that arises because of the operation of section 12A-205 (deemed payments);

a *pre-AMMA actual payment in respect of a payment that so arises.

(a) give to the subsequent recipient a written notice containing the details specified in subsection (6); or

(b) make those details available on a website in a way that the details are readily accessible to the subsequent recipient for not less than 5 continuous years.

must specify the part of the payment referred to in paragraph (4)(a) from which an amount would have been so required to have been withheld; and

must specify the income year of the *AMIT to which that part relates.

is required to give a notice, or make details available on a website, under section 12A-15 in relation to:

a payment made to another entity; or

an amount paid or credited to, or dealt with on behalf of or as directed by, another entity; and

fails to comply with that section;

an *AMIT dividend payment;

an *AMIT interest payment;

an *AMIT royalty payment.

the amount of the actual or deemed payment; or

the amount of the actual or deemed payment, increased or reduced as a result of the method statement.

the object of this section; and

the amounts of any earlier AMIT dividend payments made by the trustee in relation to the income year; and

the expected amounts of any later AMIT dividend payments the trustee expects to make in relation to the income year.

the payment is a *post-AMMA actual payment in respect of another payment; and

the other payment arises because of the operation of section 12A-205; and

the other payment is an AMIT dividend payment.

treat references in those subsections to AMIT dividend payments as instead being references to AMIT interest payments; and

treat the reference in subsection 12A-30(4) to “the amount mentioned in subsection (3)” as instead being a reference to “the amount mentioned in subsection 12A-35(3)”.

treat references in those subsections to AMIT dividend payments as instead being references to AMIT royalty payments; and

treat the reference in subsection 12A-30(4) to “the amount mentioned in subsection (3)” as instead being a reference to “the amount mentioned in subsection 12A-40(3)”.

the later payment arises because of the operation of section 12A-205 (deemed payments); or

the later payment is a *post-AMMA actual payment in respect of a payment of a kind mentioned in paragraph (a).

the payment arises because of the operation of section 12A-205 (deemed payments); or

the payment is a *post-AMMA actual payment in respect of a payment of a kind mentioned in paragraph (a).

(a) total of the *determined member components for the *AMIT for the income year of a character relating to assessable income, disregarding determined member components (the excluded components) of any of the following characters:

(i) the character of a *discount capital gain from a *CGT asset that is not *taxable Australian property;

(ii) the character of a *capital gain (other than a discount capital gain) from a CGT asset that is not taxable Australian property;

(iii) the character of a dividend (as defined in Income Tax Assessment Act 1936) that is subject to, or exempted from, a requirement to withhold under Subdivision 12-F;Division 11A of Part III of the

(iv) the character of interest (as defined in Income Tax Assessment Act 1936) that is subject to, or exempted from, a requirement to withhold under Subdivision 12-F;Division 11A of Part III of the

the character of a *royalty that is subject to, or exempted from, a requirement to withhold under Subdivision 12-F;

(vi) the character of *ordinary income, or *statutory income, from a source other than an *Australian source;

if a legislative instrument under subsection (4) specifies a character—that character;

(b) the total of each *capital loss of the AMIT from a *CGT event that happened in the income year to a CGT asset that is not taxable Australian property.

the amount of the actual or deemed payment; or

the amount of the actual or deemed payment, increased or reduced as a result of the method statement.

the object of this section; and

the step 1 amount; and

the amounts of any earlier fund payments made by the trustee in relation to the income year; and

the expected amounts of any later fund payments the trustee expects to make in relation to the income year.

(a) the payment (the actual payment) is a *post-AMMA actual payment in respect of another payment; and

the other payment arises because of the operation of section 12A-205; and

the other payment is a fund payment.

during the income year; or

within 3 months after the end of the income year; or

within a longer period (starting at the end of the period referred to in paragraph (b) and not exceeding 3 years) allowed by the Commissioner.

(a) if the other payment arises at a time because of the operation of Income Tax Assessment Act 1997 in respect of the income year (requirement to give AMMA statements within 3 months); orsection 12A-205 (deemed payments)—the *AMIT complied with subsection 276-455(1) of the

otherwise—the trustee was unable to make the payment during the income year, or within 3 months after the end of the income year, because of circumstances beyond the influence or control of the trustee.

(a) an entity (the first recipient) is or was a *member of a *withholding MIT in respect of an income year; and

the withholding MIT is an *AMIT for the income year; and

the AMIT gives the first recipient an *AMMA statement for the income year.

(a) treat the trustee of the *AMIT as having made a payment (the first deemed payment) of an amount to the first recipient at the time the AMIT gave the first recipient the *AMMA statement; and

treat the amount of the first deemed payment as being the amount worked out as follows:

first, work out the total of all the *determined member components of all the *members of the AMIT of a character relating to assessable income for the income year;

next, identify each of the *pre-AMMA actual payments (if any) made to those members in respect of all payments by the trustee to those members that arise from the operation of paragraph (a);

next, identify every *AMIT DIR payment (if any) and each *fund payment (if any) that arises from each such pre-AMMA actual payment;

next, reduce the result of subparagraph (i) by the sum of each such AMIT DIR payment and fund payment;

next, work out how much of the result of subparagraph (iv) is referable to the first recipient.

the first recipient is a *custodian; and

(b) another entity (the subsequent recipient):

starts to have, at a time, an entitlement to an amount that is reasonably attributable to all or part of the first deemed payment; or

would start to have, at a time, such an entitlement if the first deemed payment were an actual payment of an amount.

(a) treat the first recipient as having made a payment (the subsequent deemed payment) of an amount to the subsequent recipient at that time; and

treat the amount of the subsequent deemed payment as being the amount of the entitlement mentioned in subparagraph (4)(b)(i) or (ii); and

treat the amount of the subsequent deemed payment as being attributable to the first deemed payment.

an entity is a subsequent recipient mentioned in subsection (4) (including as a result of a previous operation of this subsection); and

subsection (5) applies with the result that a payment is treated as having been made to the entity; and

the entity is a *custodian;

the payment and the deemed payment are both attributable to the same *member component for the *AMIT mentioned in that section; and

(b) the actual payment is made at or after the time the deemed payment arises.

the payment and the deemed payment are both attributable to the same *member component for the *AMIT mentioned in that section; and

(b) the actual payment is made before the time the deemed payment arises.

the trust is a *withholding MIT in relation to the income year; and

(b) the trustee makes a payment (the deemed payment) that arises because of the operation of section 12A-205; and

(c) the payment is made to an entity (the recipient) that is:

if the payment is a *fund payment—an entity covered by section 12-410; or

if the payment is an *AMIT DIR payment—an entity that is not an Australian resident.

if the deemed payment is a *fund payment—section 12-385; or

if the deemed payment is an *AMIT DIR payment—section 12-210, 12-245 or 12-280.

(a) the deemed payment had not arisen because of the operation of section 12A-205; and

the deemed payment had instead been an actual payment; and

if the deemed payment is an *AMIT DIR payment:

(i) where it corresponds to the character of a dividend (as defined in Income Tax Assessment Act 1936) that is subject to a requirement to withhold under Subdivision 12-F—the trust had been a company, and it had paid it as a dividend; orDivision 11A of Part III of the

(ii) where it corresponds to the character of interest (as defined in Income Tax Assessment Act 1936) that is subject to a requirement to withhold under Subdivision 12-F—it were the payment of interest; orDivision 11A of Part III of the

where it corresponds to the character of a *royalty that is subject to a requirement to withhold under Subdivision 12-F—it were the payment of a royalty; and

if the deemed payment is an AMIT DIR payment—the condition in either or both of paragraphs 12-210(a) or (b), of paragraphs 12-245(a) or (b) or of paragraphs 12-280(a) or (b) (as the case requires) were satisfied.

(a) the trustee of a trust that was an *AMIT for an income year and was a *withholding MIT in relation to the income year made a payment (the first deemed payment) that:

arose because of the operation of section 12A-205; and

was a *fund payment or an *AMIT DIR payment; and

(b) the custodian makes a payment (the subsequent deemed payment) that arises because of the operation of section 12A-205; and

the first deemed payment gave rise to the subsequent deemed payment, because of one or more operations of section 12A-205; and

(d) the subsequent deemed payment or part of it (the covered part) was covered by a notice or information under:

if the first deemed payment was a fund payment—section 12-395; or

if the first deemed payment was an AMIT DIR payment—section 12A-15; and

(e) the subsequent deemed payment is made to an entity (the recipient) that is:

if the first deemed payment was a fund payment—covered by section 12-410; or

(ii) if the first deemed payment was an AMIT DIR payment—not an Australian resident.

if the first deemed payment was a *fund payment—subsection 12-390(1); or

if the first deemed payment was an *AMIT DIR payment—section 12-210, 12-245 or 12-280.

(a) the subsequent deemed payment had not arisen because of the operation of section 12A-205; and

the subsequent deemed payment had instead been an actual payment; and

if the first deemed payment was an *AMIT DIR payment:

(i) where the first deemed payment corresponded to the character of a dividend (as defined in Income Tax Assessment Act 1936) that is subject to a requirement to withhold under Subdivision 12-F—the *custodian had been a company, and it had paid the subsequent deemed payment as a dividend; orDivision 11A of Part III of the

(ii) where the first deemed payment corresponded to the character of interest (as defined in Income Tax Assessment Act 1936) that is subject to a requirement to withhold under Subdivision 12-F—the subsequent deemed payment were the payment of interest; orDivision 11A of Part III of the

where the first deemed payment corresponded to the character of a *royalty that is subject to a requirement to withhold under Subdivision 12-F—the subsequent deemed payment were the payment of a royalty; and

if the first deemed payment was an AMIT DIR payment—the condition in either or both of paragraphs 12-210(a) or (b), of paragraphs 12-245(a) or (b) or of paragraphs 12-280(a) or (b) (as the case requires) were satisfied.

if an entity must pay an amount to the Commissioner under Subdivision 12A-C, treat the entity as being obliged to withhold the amount under Division 12; and

if an entity has paid an amount to the Commissioner under Subdivision 12A-C, treat the entity as having withheld the amount under Division 12.

Division 12A (about deemed payments by AMITs); or

the entity’s *ordinary income, or *statutory income, includes any of the following:

(i) a *dividend (or a part of it), interest (within the meaning of Income Tax Assessment Act 1936) or a *royalty;Division 11A of Part III of the

an amount that is represented by or reasonably attributable to an *AMIT DIR payment; and

if subparagraph (a)(i) applies—if the entity has borne all or part of an *amount withheld from the dividend, interest or royalty; and

if subparagraph (a)(ii) applies—if the entity has borne all or part of an amount paid under Division 12A in respect of the AMIT DIR payment.

the entity has borne all or part of:

an *amount withheld from the payment under Subdivision 12-H; or

an amount paid under Division 12A in respect of the fund payment.

the trust is covered under subsection (3) of this section in relation to the income year (ordinary case);

the trust is covered under section 275-45 in relation to the income year (only members of trust are managed investment trusts etc.).

the trust is covered under section 275-50 in relation to the income year (no fund payment made in relation to the income year);

the trust is covered under the trustee).section 275-55 in relation to the income year (temporary circumstances outside the control of

at the time the trustee of the trust makes the first *fund payment in relation to the income year, or at an earlier time in the income year:

the trustee of the trust was an Australian resident; or

the central management and control of the trust was in Australia; and

the trust is not a trust covered by subsection (4) (trading trust etc.) in relation to the income year; and

(c) at the time the payment is made, the trust is a managed investment scheme (Corporations Act 2001); andwithin the meaning of section 9 of the

at the time the payment is made:

the trust is covered by section 275-15 (trusts with wholesale membership); or

(ii) if the trust is not covered by section 275-15—the trust is registered under section 601EB of the Corporations Act 2001; and

the trust satisfies, in relation to the income year:

(i) if, at the time the payment is made, the trust is registered under Corporations Act 2001 and is covered by section 275-15—either or both of the widely-held requirements in subsections 275-20(1) and 275-25(1); orsection 601EB of the

(ii) if, at the time the payment is made, the trust is so registered and is not covered by section 275-15—either or both of the widely-held requirements in subsections 275-20(2) and 275-25(1); or

(iii) if, at the time the payment is made, the trust is not so registered and is covered by section 275-15—the widely-held requirements in subsection 275-20(1); and

the trust satisfies the closely-held restrictions in subsection 275-30(1) in relation to the income year; and

if the trust is covered by section 275-15 at the time the payment is made—it satisfies the licensing requirements in section 275-35 in relation to the income year.

(a) in the case of a unit trust—the trust is a trading trust for the purposes of Income Tax Assessment Act 1936 in relation to the income year; orDivision 6C of Part III of the

(b) in any other case—the trust at any time in the income year:

carried on a trading business (within the meaning of that Division); or

controlled, or was able to control, directly or indirectly, the affairs or operations of another person in respect of the carrying on by that other person of a trading business (within the meaning of that Division).

an entity that would, but for subsection 5A(4) of that Act (about the Crown not being bound by Chapter 6CA or 7 of that Act), be required under that Act to be a financial services licensee (within the meaning of section 761A of that Act) whose licence would cover operating such a managed investment scheme; or

an entity that:

is a *wholly-owned subsidiary of an entity of a kind mentioned in paragraph (a); and

would, but for any instrument issued by ASIC under that Act that has effect in relation to the entity and operation of the scheme mentioned in paragraph (3)(c), be required under that Act to be a financial services licensee (within the meaning of section 761A of that Act) whose licence would cover operating such a managed investment scheme.

the trust is created during the period:

starting 12 months before the start of the income year; and

ending at the end of the income year; or

the trust ceases to exist during the income year, and was a *managed investment trust (disregarding paragraph (a) of this section) in relation to the previous income year.

(a) the trust is not required to be registered in accordance with Corporations Act 2001 (whether or not it is actually so registered) because of subsection 601ED(2) of that Act (no product disclosure statement required) or because it is operated or managed by an entity covered by subsection 275-35(2) (Crown entities); andsection 601ED of the

(b) the total number of entities that had become a *member of the trust because a financial product or a financial service was provided to, or acquired by, the entity as a retail client (within the meaning of sections 761G and 761GA of the Corporations Act 2001) is no more than 20; and

the entities mentioned in paragraph (b) have a total *MIT participation interest in the trust of no more than 10%.

units in the trust are listed for quotation in the official list of an *approved stock exchange in Australia; or

the trust has at least 50 *members (ignoring objects of a trust).

first, by applying the rules in subsection (5), identify:

the members of the trust that are not entities covered by subsection (4); and

the members of the trust that are entities covered by subsection (4);

next, work out the number of members mentioned in subparagraph (a)(i);

next:

work out the *MIT participation interest in the trust of each entity mentioned in subparagraph (a)(ii); and

for each of those entities, multiply the total of its MIT participation interest in the trust by 50 and round the result upwards to the nearest whole number; and

work out the total of the results of subparagraph (ii) for all of those entities;

next, work out the total of the results of paragraphs (b) and (c).

a *life insurance company;

a *foreign life insurance company that is regulated under a *foreign law;

a *complying superannuation fund, a *complying approved deposit fund or a *foreign superannuation fund, being a fund that has at least 50 *members;

a *pooled superannuation trust that has at least one member that is a complying superannuation fund that has at least 50 members;

a *managed investment trust in relation to the income year;

an entity:

that is recognised under a foreign law as being used for collective investment by pooling the contributions of its members as consideration to acquire rights to benefits produced by the entity; and

that has at least 50 members; and

the contributing members of which do not have day-to-day control over the entity’s operation;

an entity, the principal purpose of which is to fund pensions (including disability and similar benefits) for the citizens or other contributors of a foreign country, if:

the entity is a fund established by an *exempt foreign government agency; or

the entity is established under a foreign law for an exempt foreign government agency; or

the entity is a *wholly-owned subsidiary of an entity mentioned in subparagraph (i) or (ii);

an investment entity that satisfies all of these requirements:

the entity is wholly-owned by one or more *foreign government agencies, or is a wholly-owned subsidiary of one or more foreign government agencies;

the entity is established using only the public money or public property of the foreign government concerned;

all economic benefits obtained by the entity have passed, or are expected to pass, to the foreign government concerned;

an entity established and wholly-owned by an *Australian government agency, if the capital of the entity, and returns from the investment of that capital, are used for the primary purpose of meeting statutory government liabilities or obligations (such as superannuation liabilities and liabilities arising from compensation or workcover claims);

a *limited partnership, if, throughout the income year:

at least 95% of the *membership interests in the limited partnership are owned by entities mentioned in the preceding paragraphs of this subsection, or by entities that are wholly-owned by entities so mentioned; and

the remaining membership interests (if any) in the limited partnership are owned by a *general partner of the limited partnership that habitually exercises the management power of the limited partnership;

an entity, all the membership interests in which are owned by any of the following:

entities mentioned in the preceding paragraphs of this subsection;

entities that are wholly-owned by entities mentioned in the preceding paragraphs of this subsection;

entities that are covered under this subsection because of a previous operation of this paragraph;

an entity of a kind similar to an entity mentioned in the preceding paragraphs of this subsection as specified in the regulations.

if an entity that is not a trust holds interests in the trust indirectly, through a *chain of trusts:

treat the entity as a member of the trust; and

do not treat a trust in the chain of trusts as a member of the trust;

do not treat an object of the trust as a member of the trust;

(c) if the trust is mentioned in subparagraph 275-10(3)(d)(i) (trusts with wholesale membership)—do not treat an individual as a member of the trust (other than an individual who became a member of the trust because a financial product or a financial service was provided to, or acquired by, the individual as a wholesale client (Corporations Act 2001));within the meaning of section 761G of the

the rules in subsection (7).

treat the following entities as together being one entity:

an individual;

each of his or her *relatives;

each entity acting in the capacity of nominee of an individual mentioned in subparagraph (i) or (ii);

(b) treat the following entities as together being one entity (the notional entity):

an entity that is not an individual;

each entity acting in the capacity of nominee of the entity mentioned in subparagraph (i).

one or more entities covered by subsection 275-20(4) have a total *MIT participation interest in the trust of more than 25% at the time the payment mentioned in paragraph 275-10(3)(a) is made; and

(b) at no time in the income year does an entity (other than an entity covered by subsection 275-20(4)) have a MIT participation interest in the trust of more than 60%.

if:

(i) an entity covered by subsection 275-20(4) has a *MIT participation interest (the first interest) in the trust; and

(ii) another entity covered by subsection 275-20(4) also has a MIT participation interest (the second interest) in the trust;

if an entity that is not a trust has a MIT participation interest in the trust because it holds interests in the trust indirectly, through a *chain of trusts—do not treat a trust in the chain of trusts as having a MIT participation interest in the trust.

for a trust mentioned in subparagraph 275-10(3)(d)(i) (trusts with wholesale membership)—10 or fewer persons have a total *MIT participation interest in the trust of 75% or more;

if paragraph (a) does not apply—20 or fewer persons have a total MIT participation interest in the trust of 75% or more;

a foreign resident individual has a MIT participation interest in the trust of 10% or more.

(a) if an entity covered by subsection 275-20(4) has a *MIT participation interest in the trust—treat that entity as not having a MIT participation interest in the trust; and

if an entity that is not a trust has a MIT participation interest in the trust because it holds interests in the trust indirectly, through a *chain of trusts:

if the entity is covered by subsection 275-20(4)—do not treat it as having a MIT participation interest in the trust; and

do not treat a trust in the chain of trusts as having a MIT participation interest in the trust.

the trust is operated or managed by:

(i) a financial services licensee (Corporations Act 2001) holding an Australian financial services licence whose licence covers it providing financial services (within the meaning of section 766A of that Act) to wholesale clients (within the meaning of section 761G of that Act); orwithin the meaning of section 761A of the

an authorised representative (within the meaning of section 761A of that Act) of such a financial services licensee; or

the trust is operated or managed by an entity covered by subsection (2); or

the trust is operated or managed by an entity that:

is a *wholly-owned subsidiary of an entity covered by subsection (2); and

is an entity covered by subsection (3).

holds, or has the right to *acquire, interests representing a percentage of the value of the interests in the trust; or

has the control of, or the ability to control, a percentage of the rights attaching to *membership interests in the trust; or

has the right to receive a percentage of any distribution of income that the trust may make.

the condition in paragraph 275-10(3)(a) is satisfied; and

the condition in paragraph 275-10(3)(b) is satisfied; and

either:

the only *members of the trust are entities that are covered by subsection 275-20(4) (other than entities mentioned in paragraph 275-20(4)(f)); or

the only members of the trust are entities that are *managed investment trusts in relation to the income year because of subsection 275-10(2); and

the trust satisfies the licensing requirements in section 275-35 in relation to the income year.

at the time the trustee of the trust makes the first *fund payment in relation to the income year; or

if the trustee does not make such a payment in relation to the income year—at both the start and the end of the income year.

the trustee of the trust does not make a *fund payment in relation to the income year; and

the trust would be a *managed investment trust in relation to the income year if the trustee of the trust had made the first fund payment in relation to the income year on the first day of the income year when it was in existence; and

the trust would be a managed investment trust in relation to the income year if the trustee of the trust had made the first fund payment in relation to the income year on the last day of the income year on which it was in existence.

apart from a particular circumstance, the trust would be a *managed investment trust in relation to the income year; and

the circumstance is temporary; and

the circumstance arose outside the control of the trustee of the trust; and

it is fair and reasonable to treat the trust as a managed investment trust in relation to the income year, having regard to the following matters:

the matters in paragraphs (a) and (b);

the nature of the circumstance;

the actions (if any) taken by the trustee of the trust to address or remove the circumstance, and the speed with which such actions are taken;

the extent to which treating the trust as a managed investment trust in relation to the income year would increase or reduce the amount of tax otherwise payable by the trustee, the *members of the trust or any other entity;

any other relevant matter.

disregard paragraph 275-10(3)(b) (requirement of not being a trading trust etc.); and

(b) disregard subsection 102T(16) of the Income Tax Assessment Act 1936 (exclusion of public trading trust etc.).

if paragraph (b) does not apply—treat the trust as having an *over in the income year in which the determination is made, for the specified income year, of a character relating to *ordinary income, or *statutory income, from an *Australian source, equal to the amount mentioned in subsection (5); or

if the trust already has such an over in the income year in which the determination is made, for the specified income year—increase the amount of that over by the amount mentioned in subsection (5).

are reflected in:

if the trust is an *AMIT for the income year—the amounts of its *trust components for the income year (disregarding subsection (3)); or

otherwise—its *net income for the income year (disregarding subsection (4)); and

are attributable only to the amount of non-arm’s length income.

it is derived from a *scheme the parties to which were not dealing with each other at *arm’s length in relation to the scheme; and

that amount exceeds the amount that the entity might have been expected to derive if those parties had been dealing with each other at arm’s length in relation to the scheme; and

the amount is none of the following:

a distribution from a *corporate tax entity;

(ii) a distribution from a trust that is not a party to the scheme mentioned in paragraph (a);

a *return covered by subsection (2).

the *benchmark rate of return for the interest; and

the *base interest rate for the day on which the return is paid or provided, plus 3 percentage points.

an amount would be *non-arm’s length income of the *managed investment trust (disregarding that subsection); and

the amount is a distribution from a trust, or a share of the *net income of a trust, if the trust is a party to the scheme mentioned in paragraph (1)(a).

(a) an amount (the first amount) of *ordinary income or *statutory income of the *managed investment trust that would be *non-arm’s length income of the managed investment trust (disregarding that subsection) is:

a distribution from a trust that is a party to the scheme mentioned in paragraph (1)(a); or

a share of the *net income of a trust that is a party to that scheme; and

(b) another amount (the second amount) of ordinary income or statutory income of the managed investment trust is:

a distribution from another trust (whether or not the other trust is a party to that scheme); or

a share of the net income of another trust (whether or not the other trust is a party to that scheme); and

it is reasonable to conclude that the second amount would have been higher but for the first amount.

the amount of non-arm’s length income for the managed investment trust in relation to the income year is reflected in:

if the trust is an *AMIT for the income year—one or more of its *trust components for the income year; or

otherwise—its *net income for the income year; and

the managed investment trust is a party to the *scheme mentioned in paragraph 275-610(1)(a) at a time in the income year in which the amount is derived; and

(c) at least one the parties to that scheme is not a managed investment trust in relation to the income year.

a notice of a determination; or

a document signed by the Commissioner, a Second Commissioner or a Deputy Commissioner purporting to be a copy of a determination;

conclusive evidence of the due making of the determination; and

(d) conclusive evidence that the determination is correct (except in proceedings under Taxation Administration Act 1953 on an appeal or review relating to the determination).Part IVC of the

you are the trustee of a *managed investment trust in relation to an income year; and

(b) to give effect to Subdivision 275-L of the Income Tax Assessment Act 1997 (also the adjustment provision) in relation to a *scheme, the Commissioner amends your assessment for the income year; and

as a result, you are liable to pay an additional amount of income tax (as the case requires).

(a) the entity is an exempt institution that is eligible for a refund (within the meaning of the Income Tax Assessment Act 1997); or

the entity is treated as such an exempt institution that is eligible for a refund.

a contribution made by an entity that was, when the contribution was made, the trustee of a *complying superannuation fund, a *complying approved deposit fund or a *pooled superannuation trust; or

a contribution made out of the *complying superannuation assets, or out of the *segregated exempt assets, of a *life insurance company.

(a) Income Tax Assessment Act 1936 ceases to apply to the trustee of a trust because of the repeal of that section by Part 2 of this Schedule; orsection 102K of the

the trustee of a trust because of the amendment made by Part 1 of this Schedule.section 102S of that Act ceases to apply to

an event happens in respect of the trust that is described in:

(i) the table in subsection 205-15(1) of the Income Tax Assessment Act 1997; or

the table in subsection 205-30(1) of that Act; and

the event happens on or after the cessation time but before 1 July 2019; and

the event is:

the trust paying income tax for an income year starting before 1 July 2016; or

the trust paying a PAYG instalment in respect of income tax for an income year starting before 1 July 2016; or

the trust receiving a refund of income tax for an income year starting before 1 July 2016; or

the trust franking a distribution; or

the trust ceasing to be a franking entity.

treat the trust as a corporate tax entity at the time the event happens; and

(b) treat the trust as satisfying the residency requirement in Income Tax Assessment Act 1997 for the income year in which the event happens.section 205-25 of the

the trust makes a distribution on or after the cessation time but before 1 July 2019; and

the trust’s franking account is in surplus just before the trust makes the distribution; and

the distribution is not made out of income derived in relation to the 2016-17 income year or a later income year.

treat the trust as a corporate tax entity at the time it makes the distribution; and

(b) treat the trust as satisfying the residency requirement in Income Tax Assessment Act 1997 at the time it makes the distribution.section 202-20 of the

(i) subsection 276-105(2) of the Income Tax Assessment Act 1997 (AMIT trustee taxed on amounts attributed to foreign resident members);

(ii) subsection 276-340(2) of that Act (AMIT trustee taxed on trust component deficit of character relating to tax offset);

subsection 276-405(2) of that Act (AMIT trustee taxed on shortfall in determined member components of character relating to assessable income);

subsection 276-410(2) of that Act (AMIT trustee taxed on excess in determined member components of character relating to tax offset);

subsection 276-415(2) of that Act (AMIT trustee taxed on amounts of determined trust component that are not reflected in member components);

subsection 276-420(2) of that Act (AMIT trustee taxed on amounts of under of character relating to assessable income not properly carried forward);

subsection 276-425(2) of that Act (AMIT trustee taxed on amounts of over of character relating to tax offset not properly carried forward); or

the amount is reasonably attributable to:

(i) an amount (the taxed net income) in respect of which the trustee of another trust estate is assessed and liable to pay tax (the subsection 98(4) tax) under subsection 98(4); or

(ii) an amount (the taxed component) in respect of which the trustee of an AMIT is assessed and liable to pay tax (the paragraph 276-105(2)(c) tax) because of paragraph 276-105(2)(c) of the Income Tax Assessment Act 1997.

a reference in those subsections to Division 6C were a reference to this Division; and

a reference in those subsections to subsection 102P(1) were a reference to subsection (1) of this section; and

a reference in those subsections to a public unit trust in relation to a year of income were a reference to a public unit trust at all times during a year of income.

the statement is given by an AMIT for a year of income to an entity that is or was a member of the AMIT in respect of the year of income; and

the statement is so given later than 3 months after the end of the year of income.

the investment body is required:

(i) to withhold an amount under Subdivision 12-F or 12-H in Schedule 1 to the Taxation Administration Act 1953 from the payment; or

to pay the Commissioner an amount under Subdivision 12A-C in that Schedule in respect of the payment; or

(e) if the trustee of an AMIT is required to be assessed in pursuance of subsection 276-415(2) of the Income Tax Assessment Act 1997 in respect of an amount mentioned in that subsection—that amount; and

(f) if the trustee of an AMIT is required to be assessed in pursuance of subsection 276-420(2) of the Income Tax Assessment Act 1997 in respect of an amount mentioned in that subsection—that amount.

the amount is all or part of the *net income of the trust or partnership that would, apart from this subsection, be included in the entity’s assessable income because of:

Division 276; or

(ii) Income Tax Assessment Act 1936; andDivision 5 or 6 of Part III of the

an entity that is covered by paragraph 275-20(4)(a), (b), (c), (d), (e), (g), (h) or (i);

a payment that arises because of the operation of section 12A-205 (see Division 12A);

(a) the entity is *carrying on a *business that consists predominantly of providing a custodial or depository service (as defined by Corporations Act 2001) pursuant to an *Australian financial services licence; orsection 766E of the

the entity is acting on behalf of an entity that is carrying on such a business pursuant to such a licence.

the trust is a *managed investment trust for that income year; and

a *foreign life insurance company that is regulated under a *foreign law;

a *limited partnership, if, throughout the income year:

at least 95% of the *membership interests in the limited partnership are owned by entities mentioned in the preceding paragraphs of this subsection, or by entities that are wholly-owned by entities so mentioned; and

the remaining membership interests (if any) in the limited partnership are owned by a *general partner of the limited partnership that habitually exercises the management power of the limited partnership;

an entity, all the membership interests in which are owned by any of the following:

entities mentioned in the preceding paragraphs of this subsection;

entities that are wholly-owned by entities mentioned in the preceding paragraphs of this subsection;

entities that are covered under this subsection because of a previous operation of this paragraph;

an entity of a kind similar to an entity mentioned in the preceding paragraphs of this subsection as specified in the regulations.

unless paragraph (b) applies—the 2016-17 income year and later income years; or

if the assessment is in respect of a trust, and the trustee of the trust has made a choice under subitem (5)—income years starting on or after 1 July 2015.

(a) the requirements set out in paragraphs 275-610(1)(a), (b) and (c) of the Income Tax Assessment Act 1997 are satisfied in respect of an amount of non-arm’s length income of a managed investment trust in relation to an income year; and

(b) the managed investment trust became a party to the scheme mentioned in paragraph 275-610(1)(a) of that Act before the day on which the Bill that became the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 was introduced into the House of Representatives; and

the amount was derived before the start of the 2018-19 income year.

unless paragraph (b) or (c) applies—1 July 2017; or

(b) if the trustee of the trust has made a choice for the purposes of paragraph 1(1)(b) of Schedule 8 to the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016—1 July 2015; or

if the trustee of the trust has made a choice for the purposes of subparagraph 276-10(1)(e)(i) in respect of the 2016-17 income year—1 July 2016.

a managed investment trust becomes an AMIT for the starting income year; and

(b) the trust existed in an earlier income year (the base year); and

(c) the trust is an AMIT for an income year (the discovery year) that is the starting income year or a later income year.

assume that the trust is an AMIT for the base year and every later year before the starting income year; and

if, at a time, the trust sent its members distribution statements for an income year that is prior to the starting income year—assume that the trust sent those members AMMA statements for that income year at that time.

(a) had the under or over mentioned in subsection (1) been discovered before the starting income year, this Act would have operated to produce a particular effect (the pre-AMIT scheme effect) for the base year in relation to the amount or amounts reflected in the under or over; and

subsection (3) accounts for the pre-AMIT scheme effect;

a trust becomes an AMIT for an income year; and

the trustee of the trust made a payment to an entity at a time:

on or after 1 July 2011; and

before the start of the income year mentioned in paragraph (a).

working out whether CGT event E4 happens because of the payment; and

(b) working out the amount (if any) of the entity’s capital gain under subsection 104-70(4) of the Income Tax Assessment Act 1997.

(a) sections 104-107F and 104-107G of the Income Tax Assessment Act 1997;

any other provision of that Act, to the extent that it relates to the operation of the provisions mentioned in paragraph (a).

a trust becomes an AMIT for an income year; and

the trustee of the trust made a payment to an entity at a time before 1 July 2011.

the effect of the amendment would be to increase the entity’s assessable income for that income year; and

the Commissioner could not amend the assessment in that way if the following provisions were in operation at the time the payment was made:

(i) sections 104-107F, 104-107G and 104-107H of the Income Tax Assessment Act 1997;

any other provision of that Act, to the extent that it relates to the operation of the provisions mentioned in subparagraph (i); and

the entity has not requested the Commissioner to amend the assessment in that way.

can only be made before the end of 2 months after the later of:

the end of the income year in relation to which the choice is made; and

the commencement of:

can only be made in writing; and

can only be made in relation to the following income years:

the 2010-11 income year;

the 2011-12 income year;

the 2012-13 income year;

the 2013-14 income year;

the 2014-15 income year;

the 2015-16 income year;

the 2016-17 income year.

the amount that the Commissioner in respect of the payment; orDivision 12A in that Schedule requires the entity to pay to

an amount that the entity paid to the Commissioner under Division 12A in that Schedule in respect of the payment; or

a payment that arises because of the operation of the Commissioner; orsection 12A-205 in that Schedule (deemed payments) in respect of which Subdivision 12A-C in that Schedule requires an amount to be paid to

a payment that arises because of the operation of the Commissioner; orsection 12A-205 in that Schedule (deemed payments) in respect of which that provision requires an amount to be paid to