INCOME TAX ASSESSMENT ACT 1997 - SECT 276.455 Obligation to give an AMMA statement
INCOME TAX ASSESSMENT ACT 1997 - SECT 276.455
Obligation to give an AMMA statement(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).