Div 276of the Income Tax Assessment Act 1997 as inserted in that Act by the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (the amending Act) applies as set out in subitem 1(1) of Schedule 8 to the amending Act.

Division 276 of the Income Tax Assessment Act 1997 as inserted in that Act by the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (the amending Act) applies as set out in subitem 1(1) of Schedule 8 to the amending Act. (b) if the trustee of the trust has made a choice for the purposes of paragraph 1(1)(b) of Schedule 8 to the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016—the first income year starting on or after 1 July 2015; or (c) if the trustee of the trust has made a choice for the purposes of subparagraph 276‑10(1)(e)(i) of the Income Tax Assessment Act 1997 in respect of the 2016‑17 income year—that income year. (c) the trust is an AMIT for an income year (the discovery year) that is the starting income year or a later income year. (1) This section applies if the trust has an under or over of a character in the discovery year relating to the base year. (b) if, at a time, the trust sent its members distribution statements for an income year that is prior to the starting income year—assume that the trust sent those members AMMA statements for that income year at that time. (3) For the purposes of Division 276 of the Income Tax Assessment Act 1997, treat the under or over mentioned in subsection (1) as an under or over of the AMIT, in the discovery year relating to the base year, of the character mentioned in that subsection. (a) had the under or over mentioned in subsection (1) been discovered before the starting income year, this Act would have operated to produce a particular effect (the pre‑AMIT scheme effect) for the base year in relation to the amount or amounts reflected in the under or over; and 276‑750 Payment by trustee on or after 1 July 2011—certain CGT provisions etc. apply for the purposes of working out non‑assessable part for first income year of AMIT #### 276‑750 Payment by trustee on or after 1 July 2011—certain CGT provisions etc. apply for the purposes of working out non‑assessable part for first income year of AMIT (b) working out the amount (if any) of the entity’s capital gain under subsection 104‑70(4) of the Income Tax Assessment Act 1997. (3) For the purpose of working out the amount of the non‑assessable part mentioned in paragraph 104‑70(1)(b), treat the following provisions as being in operation at the time the payment was made: (b) any other provision of that Act, to the extent that it relates to the operation of the provisions mentioned in paragraph (a). (4) Subsection (3) does not apply to the extent (if any) that the entity, in the income tax return that it lodged for the income year in which the payment was made, included the amount of the payment in its assessable income for that income year. (5) For the purposes of section 118‑20 of the Income Tax Assessment Act 1997, treat this section as being in Part 3‑1 of that Act. (2) The Commissioner cannot amend the entity’s assessment for the income year in which the payment was made in a particular way if: (b) the Commissioner could not amend the assessment in that way if the following provisions were in operation at the time the payment was made: (ii) any other provision of that Act, to the extent that it relates to the operation of the provisions mentioned in subparagraph (i); and