Income Tax Assessment Act 1997
CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-25
-
PARTICULAR KINDS OF TRUSTS
Division 276
-
Australian managed investment trusts: attribution managed investment trusts
Subdivision 276-F
-
Unders and overs
Adjustment of trust component for unders and overs etc.
SECTION 276-325
Trust component of character relating to assessable income
-
adjustment for cross-character allocation amount, carry-forward trust component deficit and FITO allocation amount
Section applies to trust component of assessable income character
276-325(1)
This section applies if the *trust component is of a character relating to assessable income. Cross-character allocation amount decreases trust component 276-325(2)
If the *AMIT has a *cross-character allocation amount of that character for the income year, decrease the amount of the *trust component by that amount.
If the *AMIT has a *carry-forward trust component deficit of that character for the income year, decrease the amount of the *trust component by the amount of that deficit.
If:
(a) the character of the *trust component is a character relating to *ordinary income, or *statutory income, from a source other than an *Australian source; and
(b) the *AMIT has a *FITO allocation amount for the income year;
View history note
Hide history noteThis section applies if the *trust component is of a character relating to assessable income. Cross-character allocation amount decreases trust component 276-325(2)
If the *AMIT has a *cross-character allocation amount of that character for the income year, decrease the amount of the *trust component by that amount.
Note:
A cross-character allocation amount of a character for the income year is allocated from a trust component deficit of another character for the income year in accordance with subsections 276-330(2) , (3) and (4) .
Carry-forward trust component deficit decreases trust component 276-325(3)If the *AMIT has a *carry-forward trust component deficit of that character for the income year, decrease the amount of the *trust component by the amount of that deficit.
Note:
A carry-forward trust component deficit for the income year is worked out in respect of the previous income year under subsection 276-330(5) .
FITO allocation amount increases trust component with the character of foreign source income 276-325(4)If:
(a) the character of the *trust component is a character relating to *ordinary income, or *statutory income, from a source other than an *Australian source; and
(b) the *AMIT has a *FITO allocation amount for the income year;
increase the amount of the trust component by that FITO allocation amount.
Note:
A FITO allocation amount for the income year is worked out in accordance with section 276-335 .
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.