(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 .