INCOME TAX ASSESSMENT ACT 1997 - SECT 276.85 Member's assessable income or tax offsets for determined member components--specific rules

INCOME TAX ASSESSMENT ACT 1997 - SECT 276.85

  (1)   This section makes clarifications and modifications of the operation of section   276 - 80 in respect of a * member of an * AMIT in respect of an income year.

  (2)   For the purposes of this Act, if an amount is included in the * member's assessable income because of the operation of this section, treat that amount as being so included because of the operation of subsection   276 - 80(2).

Discount capital gains

  (3)   Subsection   (4) applies if the * member has, for the income year, a * determined member component of the character of:

  (a)   a * discount capital gain from a * CGT asset that is * taxable Australian property; or

  (b)   a discount capital gain from a CGT asset that is not taxable Australian property.

  (4)   For the purposes of section   276 - 80 and this section, treat the amount of the component as being double what it would be apart from this subsection.

Franking credit gross - up

  (5)   Subsection   (6) applies if the * member has, for the income year, a * determined member component (the franking credit gross - up component ) of the character of assessable income under subsection   207 - 20(1) (franking credit gross - up).

  (6)   For the purposes of subsection   207 - 20(1) (franking credit gross - up), treat the reference in that subsection to the amount of the * franking credit on the distribution as instead being a reference to the amount of the franking credit gross - up component.

Limitation on circumstances in paragraph   276 - 80(2)(b)

  (7)   The circumstances mentioned in paragraph   276 - 80(2)(b) or (5)(b) do not include the following:

  (a)   the residence of the trustee of the * AMIT;

  (b)   the place of the central management and control of the AMIT.