Commonwealth Consolidated Acts

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Commissioner's determination as to status of member as qualified person

             (1)  Subsection (2) applies to a * member of an * AMIT in respect of an income year if:

                     (a)  the AMIT is specified in a determination under subsection (3); and

                     (b)  the income year is specified in the determination; and

                     (c)  the member:

                              (i)  is specified in the determination; or

                             (ii)  is included in a class of members specified in the determination.

             (2)  Treat the * member as not being a qualified person in relation to a distribution in relation to the * AMIT for the income year, for the purposes of Division 1A of former Part IIIAA of the Income Tax Assessment Act 1936 .

             (3)  For the purposes of this section, the Commissioner may make a determination in writing that identifies any of the following:

                     (a)  a specified * member of a specified * AMIT;

                     (b)  a specified class of members of a specified AMIT.

             (4)  The determination may specify one or more income years.

             (5)  In deciding whether to make a determination under subsection (3), the Commissioner may have regard to any of the following:

                     (a)  arrangements (if any) entered into by the * member that directly or indirectly reduce the economic exposure of the member to changes in the value of the * membership interests held by the member in the * AMIT;

                     (b)  the lack of such arrangements;

                     (c)  the length of time that the member has been a member of the AMIT;

                     (d)  any other matter that the Commissioner considers relevant.

             (6)  A determination under subsection (3) is not a legislative instrument.

             (7)  If an entity to whom a determination relates is dissatisfied with the determination, the entity may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .

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