Taxation Administration Act 1953
12A‑40 Meaning of AMIT royalty payment12A‑40 Meaning of AMIT royalty payment
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12A‑40 Meaning of AMIT royalty payment
(1) This section applies to a trust that is an *AMIT for an income year. (2) The object of this section is to ensure that the total of the *AMIT royalty payments that the trustee of the *AMIT makes in relation to the income year equals, as nearly as practicable, the amount mentioned in subsection (3). (3) The amount is the total of the *determined member components for the *AMIT for the income year of the character of a *royalty that is subject to a requirement to withhold under Subdivision 12‑F. (4) To work out the amount of an AMIT royalty payment, apply subsections 12A‑30(4), (5), (6) and (7). For this purpose: (a) treat references in those subsections to AMIT dividend payments as instead being references to AMIT royalty payments; and (b) treat the reference in subsection 12A‑30(4) to “the amount mentioned in subsection (3)” as instead being a reference to “the amount mentioned in subsection 12A‑40(3)”.