INCOME TAX ASSESSMENT ACT 1997 - SECT 276.510 Debt - like trust instruments treated as debt interests etc.
INCOME TAX ASSESSMENT ACT 1997 - SECT 276.510
Debt - like trust instruments treated as debt interests etc.(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.