Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 276.20

  (1)   Subsections   (2) and (3) apply if:

  (a)   the * membership interests in an * AMIT for an income year are divided into classes; and

  (b)   the rights arising from each of those membership interests in a particular class are the same as the rights arising from every other of those membership interests in that class; and

  (c)   each of those membership interests in a particular class is distinct from each of those membership interests in another class; and

  (d)   the trustee of the AMIT has made a choice for the purposes of this paragraph that applies to the income year.

  (2)   For the purposes of this Division (other than this Subdivision), treat each class of those * membership interests in the * AMIT as being a separate AMIT for that income year.

  (3)   For the purposes of this Division, allocate assessable income, * exempt income, * non - assessable non - exempt income, * tax losses, * net capital losses and other similar amounts in respect of the * AMIT between each of the separate classes mentioned in subsection   (1) on a fair and reasonable basis.

Making of choice by trustee

  (4)   A choice for the purposes of paragraph   (1)(d) applies to the income year for which it is made and every subsequent income year.

  (5)   A choice for the purposes of paragraph   (1)(d) cannot be revoked.