Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-25
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PARTICULAR KINDS OF TRUSTS
The object of this section is to adjust an *AMIT ' s *trust component of a particular character for an income year to take account of any *unders or *overs of that character that the AMIT has in the income year. Unders increase trust component 276-305(2)
If the *AMIT has an *under of that character in the income year (relating to any earlier income year), increase the amount of the *trust component by that under.
If the *AMIT has an *over of that character in the income year (relating to any earlier income year), decrease the amount of the *trust component by that over.
Division 276
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Australian managed investment trusts: attribution managed investment trusts
Subdivision 276-F
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Unders and overs
Adjustment of trust component for unders and overs etc.
SECTION 276-305
Adjustment of trust component for unders and overs
Object
276-305(1)
The object of this section is to adjust an *AMIT ' s *trust component of a particular character for an income year to take account of any *unders or *overs of that character that the AMIT has in the income year. Unders increase trust component 276-305(2)
If the *AMIT has an *under of that character in the income year (relating to any earlier income year), increase the amount of the *trust component by that under.
Note:
Those earlier income years are referred to in section 276-345 as base years.
Overs decrease trust component 276-305(3)If the *AMIT has an *over of that character in the income year (relating to any earlier income year), decrease the amount of the *trust component by that over.
Note:
Those earlier income years are referred to in section 276-345 as base years.
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