Commonwealth Consolidated Acts Commonwealth Consolidated ActsComponents of income character
(1) Subsection (2) applies if a * member of an * AMIT in respect of an income year has, for the income year, a * determined member component of:
(a) a character relating to assessable income; or
(b) a character relating to * exempt income; or
(c) a character relating to * non - assessable non - exempt income.
(2) For the purpose of working out the effects mentioned in subsection (3) for the * member, treat the member as having derived, received or made the amount reflected in the * determined member component:
(a) in the member's own right (rather than as a member of a trust); and
(b) 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.
(3) The effects are as follows:
(a) including an amount in the assessable income of the * member;
(b) including an amount in the * exempt income of the member;
(c) including an amount in the * non - assessable non - exempt income of the member;
(d) determining whether the member has made a * capital gain from a * CGT event;
(e) determining the extent to which the member's * net capital loss has been * utilised.
Components of tax offset character
(4) Subsection (5) applies if 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 a * tax offset.
(5) For the purpose of working out the effects mentioned in subsection (6) for the * member, treat the member as having paid or received the amount reflected in the * determined member component:
(a) in the member's own right (rather than as a member of a trust); and
(b) in the same circumstances as the * AMIT paid or received that amount.
(6) The effects are as follows:
(a) entitling the member to a * tax offset;
(b) entitling the member to a credit under Division 18 in Schedule 1 to the Taxation Administration Act 1953 .