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
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 276-310
Rounding adjustment deficit increases trust component
276-310(1)
If the *AMIT has a *rounding adjustment deficit of that character for the income year, increase the amount of the *trust component by the amount of that rounding adjustment deficit. 276-310(2)
The *AMIT has a rounding adjustment deficit of a particular character for an income year if:
(a) the AMIT has a shortfall for the previous income year under subsection 276-415(1) ; and
(b) the shortfall results wholly or partly from the trustee of the AMIT rounding down amounts in working out *determined member components for the previous income year.
View history note
Hide history noteIf the *AMIT has a *rounding adjustment deficit of that character for the income year, increase the amount of the *trust component by the amount of that rounding adjustment deficit. 276-310(2)
The *AMIT has a rounding adjustment deficit of a particular character for an income year if:
(a) the AMIT has a shortfall for the previous income year under subsection 276-415(1) ; and
(b) the shortfall results wholly or partly from the trustee of the AMIT rounding down amounts in working out *determined member components for the previous income year.
The amount of the rounding adjustment deficit is the amount of the shortfall, to the extent that it results from that rounding down.
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