INCOME TAX ASSESSMENT ACT 1997 - SECT 276.515 Distribution on debt - like trust instrument could be deductible in working out trust components

INCOME TAX ASSESSMENT ACT 1997 - SECT 276.515

  (1)   If an entity is the holder of a * debt - like trust instrument in relation to an * AMIT, for the purposes of sections   276 - 265 and 276 - 270, treat a distribution to the entity in accordance with the instrument as a * return that the AMIT pays or provides on a * debt interest.

  (2)   For the purposes of subsection   (1), disregard the distribution to the extent (if any) that it is referable to any of the following:

  (a)   * exempt income of the * AMIT;

  (b)   * non - assessable non - exempt income of the AMIT.