Commonwealth Numbered Acts Commonwealth Numbered Acts
Income Tax Assessment Act 1997
1 Subsection 995-1(1)
Insert:
"AMIT (short for attribution managed investment trust" ) has the meaning given by section 276-10.
"AMIT cost base increase amount " has the meaning given by section 104-107E.
"AMIT cost base net amount " has the meaning given by section 104-107C.
"AMIT cost base reduction amount " has the meaning given by section 104-107D.
"AMIT DIR payment " has the meaning given by section 12A-25 in Schedule 1 to the Taxation Administration Act 1953 .
"AMIT dividend payment " has the meaning given by section 12A-30 in Schedule 1 to the Taxation Administration Act 1953 .
"AMIT interest payment " has the meaning given by section 12A-35 in Schedule 1 to the Taxation Administration Act 1953 .
"AMIT member annual statement " : see AMMA statement .
"AMIT royalty payment " has the meaning given by section 12A-40 in Schedule 1 to the Taxation Administration Act 1953 .
"AMMA statement (short for AMIT member annual statement" ) has the meaning given by section 276-460.
2 Subsection 995-1(1) (after paragraph (a) of the definition of amount required to be withheld )
Insert:
(aaa) the amount that Division 12A in that Schedule requires the entity to pay to the Commissioner in respect of the payment; or
3 Subsection 995-1(1) (after paragraph (a) of the definition of amount withheld )
Insert:
(aaa) an amount that the entity paid to the Commissioner under Division 12A in that Schedule in respect of the payment; or
4 Subsection 995-1(1)
Insert:
"attribution managed investment trust " : see AMIT .
"carry-forward trust component deficit " , of a particular character, has the meaning given by section 276-330.
"cross-character allocation amount " , of a particular character, has the meaning given by section 276-330.
"debt-like trust instrument " has the meaning given by section 276-505.
"determined member component " has the meaning given by section 276-205.
"determined trust component " has the meaning given by section 276-255.
"FITO allocation amount " , of a particular character, has the meaning given by section 276-335.
5 Subsection 995-1(1) (at the end of the definition of fixed trust )
Add:
Note: AMITs are treated as fixed trusts (see section 276-55).
6 Subsection 995-1(1) (definition of fund payment )
Omit "12-405", substitute "sections 12-405 and 12A-110".
7 Subsection 995-1(1) (at the end of the definition of income tax law )
Add:
; or (f) tax payable in accordance with subsection 276-340(2), 276-410(2), 276-425(2) or 276-820(6) (AMIT offset taxation).
8 Subsection 995-1(1) (definition of managed investment trust )
Repeal the definition, substitute:
"managed investment trust " has the meaning given by section 275-10.
9 Subsection 995-1(1)
Insert:
"member component " has the meaning given by section 276-210.
10 Subsection 995-1(1) (definition of MIT participation interest )
Repeal the definition, substitute:
"MIT participation interest " has the meaning given by section 275-40.
11 Subsection 995-1(1) (definition of non-arm's length income )
Repeal the definition, substitute:
"non-arm's length income " has the meaning given by sections 295-550 and 275-610.
12 Subsection 995-1(1)
Insert:
"over " , of a particular character, has the meaning given by section 276-345.
"post-AMMA actual payment " has the meaning given by section 12A-210 in Schedule 1 to the Taxation Administration Act 1953 .
"pre-AMMA actual payment " has the meaning given by section 12A-210 in Schedule 1 to the Taxation Administration Act 1953 .
"rounding adjustment deficit " has the meaning given by section 276-310.
"rounding adjustment surplus " has the meaning given by section 276-315.
"trust component " , of a particular character, has the meaning given by sections 276-260.
"trust component deficit " , of a particular character, has the meaning given by sections 276-320.
"under " , of a particular character, has the meaning given by section 276-345.
"withholding MIT " has the meaning given by section 12-383 in Schedule 1 to the Taxation Administration Act 1953 .
13 Subsection 995-1(1) (after paragraph (a) of the definition of withholding payment (first occurring))
Insert:
(aa) a payment that arises because of the operation of section 12A-205 in that Schedule (deemed payments) in respect of which Subdivision 12A-C in that Schedule requires an amount to be paid to the Commissioner; or
14 Subsection 995-1(1) (after paragraph (a) of the definition of withholding payment (second occurring))
Insert:
(aa) a payment that arises because of the operation of section 12A-205 in that Schedule (deemed payments) in respect of which that provision requires an amount to be paid to the Commissioner; or