Commonwealth Consolidated Acts

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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.



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