Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 276.455

  (1)   An * AMIT for an income year must give each * member of the AMIT in respect of the income year an * AMMA statement for the income year.

Note:   Section   286 - 75 in Schedule   1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of this subsection.

  (2)   The statement must be given no later than 3 months after the end of the income year.

  (3)   However, the * AMIT need not give an * AMMA statement under subsection   (1) to a * member if:

  (a)   all of the member's * determined member components for the AMIT for the income year are nil; and

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

  (4)   To avoid doubt, the * AMIT does not fail to comply with subsection   (1) merely because:

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

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