Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 276.510

  (1)   For the purposes of this Act:

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

  (b)   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.

  (2)   If a trust is an * AMIT for an income year (disregarding this subsection), paragraph   (1)(a) applies for the purposes of:

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

  (b)   determining whether the trust is an AMIT for the income year.

  (3)   For the purposes of Division   11A of Part   III of the Income Tax Assessment Act 1936 , if an entity is the holder of a * debt - like trust instrument in an * AMIT, treat a distribution to the entity in accordance with the instrument as interest.