Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 276.90

  (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 .