INCOME TAX ASSESSMENT ACT 1997 - SECT 276.255 Meaning of determined trust component

INCOME TAX ASSESSMENT ACT 1997 - SECT 276.255

  (1)   An * AMIT's determined trust component of a particular character for an income year is the amount stated to be its * trust component of that character in a document that meets the requirements in subsection   (2).

  (2)   The requirements are as follows:

  (a)   the document was created by the * AMIT;

  (b)   the document states expressly the amount of the * trust component;

  (c)   at a time after the document was created, the AMIT sent * AMMA statements for the income year to entities that were * members of the AMIT in respect of the income year;

  (d)   the amount of the trust component stated in the document reflects the amount of the * determined member components reflected in those AMMA statements.

  (3)   If, apart from this subsection, there are 2 or more documents that meet the requirements in subsection   (2), treat the most recently created of those documents as being the only document that meets those requirements.

Example:   The income year for the AMIT ends on 30   June. The trustee creates a document stating the amount for the income year on 1   July. It sends all AMMA statements on 10   July. The trustee creates another document stating a different amount for the income year on 1   September. It sends revised AMMA statements reflecting that amount on 10   September. The document created on 1   September is the only document that meets the requirements in this section in respect of the amount for the income year.