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
This section applies if:
(a) the *AMIT has a *trust component of the character of *foreign income tax paid that counts towards a *tax offset under Division 770 ; and
(b) the AMIT has a *trust component deficit for the income year of that character. 276-335(2)
The *AMIT has a FITO allocation amount for the income year equal to the sum of:
(a) that *trust component deficit; and
(b) the product of:
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 276-335
Meaning of
FITO allocation amount
276-335(1)
This section applies if:
(a) the *AMIT has a *trust component of the character of *foreign income tax paid that counts towards a *tax offset under Division 770 ; and
(b) the AMIT has a *trust component deficit for the income year of that character. 276-335(2)
The *AMIT has a FITO allocation amount for the income year equal to the sum of:
(a) that *trust component deficit; and
(b) the product of:
(i) that trust component deficit; and
(ii) the *corporate tax gross-up rate.
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