Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 276.205

  (1)   The determined member component of a particular character for an income year of a * member of an * AMIT in respect of the income year is the amount of the member's * member component of that character as reflected in the AMIT's latest * AMMA statement for the member for the income year.

  (2)   Subsection   (3) applies if:

  (a)   the * member makes a choice for the purposes of this paragraph that complies with subsection   (5); and

  (b)   the member gives a copy of the choice to the Commissioner within 4 months after:

  (i)   unless subparagraph   (ii) applies--the end of the member's income year; or

  (ii)   if the * AMIT gives the member a revised * AMMA statement for the income year at a time after the end of that income year--that time; and

  (c)   the member gives a notice of the choice, in accordance with subsection   (7), to the trustee of the AMIT within those 4 months.

  (3)   Despite subsection   (1), if the * determined member component of that character for the income year (disregarding this subsection) does not accord with subsections   276 - 210(2), (3) and (4), that determined member component is instead the member's * member component of that character for the income year.

  (4)   For the purposes of subsection   (3), in working out the member's * member component of that character for the income year, if the * trust component of that character differs from the * determined trust component of that character, treat the references in section   276 - 210 to determined trust component as instead being references to trust component.

Example:   The determined trust component exceeds the trust component because of an unintentional mistake by the trustee of the AMIT. As a result, a member's corresponding determined member component under subsection   (1) exceeds what it would have been if the trustee had not made the mistake.

  If the member makes a choice under subsection   (2), the amount of the determined member component will be determined according to the amount of the trust component.

  (5)   The choice must:

  (a)   be in writing; and

  (b)   state the following matters:

  (i)   the income year to which the choice relates;

  (ii)   what the * member considers to be the member's * member component of that character for the income year;

  (iii)   the reason why the member considers that the * determined member component of that character for the income year does not accord with subsections   276 - 210(2), (3) and (4).

  (6)   The way the * member's * income tax return is prepared is sufficient evidence of the making of the choice.

  (7)   The notice must:

  (a)   be in writing; and

  (b)   state the matters mentioned in paragraph   (5)(b).