A CCIV that fails to meet the No equivalent. requirements to be an ACCIV due to temporary circumstances that are outside the control of the corporate director can continue to be treated as an ACCIV if it is fair and reasonable to do so. An ACCIV is able to attribute A company is liable to pay tax on its amounts of assessable income, taxable income at the corporate tax exempt income, non-assessable rate. Profits distributed to members non-exempt income, tax offsets and are taxed as dividends. Under the credits to members on a fair and company imputation system, the reasonable basis in accordance with company has the option of passing to their interests. those members credit for income tax paid by the company. This is done by franking the distribution. An and regime allows No equivalent. ‘unders’ an ACCIV to reconcile variances between the amounts actually attributed to members for an income year and the amounts that should have been attributed in the income year. Assets transferred between sub-funds No equivalent. of an ACCIV will be recognised for certain tax purposes. A corporate director of an ACCIV No equivalent. that has multiple classes of membership interests can make a choice that each of those classes be treated as a separate ACCIV under certain circumstances. An eligible ACCIV can make a No equivalent. capital account treatment election. A new CGT event M1 applies to both No equivalent. AMITs and ACCIVs. ACCIVs are not entitled to a discount Companies are not entitled to a capital gain. However, the amount discount capital gain. retains its character as a discount capital gain for the purposes of attribution to its members. An is liable to pay tax in some A company is liable to pay tax on its circumstances. taxable income at the corporate tax rate. An ACCIV is required to pay A company is required to pay withholding tax on amounts attributed withholding tax on dividends paid to
A CCIV that fails to meet the requirements to be an ACCIV due to temporary circumstances that are outside the control of the corporate director can continue to be treated as an ACCIV if it is fair and reasonable to do so. No equivalent. An ACCIV is able to attribute amounts of assessable income, exempt income, non-assessable non-exempt income, tax offsets and credits to members on a fair and reasonable basis in accordance with their interests. A company is liable to pay tax on its taxable income at the corporate tax rate. Profits distributed to members are taxed as dividends. Under the company imputation system, the company has the option of passing to those members credit for income tax paid by the company. This is done by franking the distribution. An ‘unders’ and regime allows an ACCIV to reconcile variances between the amounts actually attributed to members for an income year and the amounts that should have been attributed in the income year. No equivalent. Assets transferred between sub-funds of an ACCIV will be recognised for certain tax purposes. No equivalent. A corporate director of an ACCIV that has multiple classes of membership interests can make a choice that each of those classes be treated as a separate ACCIV under certain circumstances. No equivalent. An eligible ACCIV can make a capital account treatment election. No equivalent. A new CGT event M1 applies to both AMITs and ACCIVs. No equivalent. ACCIVs are not entitled to a discount capital gain. However, the amount retains its character as a discount capital gain for the purposes of attribution to its members. Companies are not entitled to a discount capital gain. An is liable to pay tax in some circumstances. A company is liable to pay tax on its taxable income at the corporate tax rate. An ACCIV is required to pay withholding tax on amounts attributed A company is required to pay withholding tax on dividends paid to
c2017-t238960-Explanatory-Materials.docx