Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An * AMIT has an excess under this subsection for an income year equal to the amount (if any) by which:
(a) the * determined member component of a * member of the AMIT of a character relating to a * tax offset for the income year;
exceeds:
(b) the * member component of the member of that character for the income year.
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 excess 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.