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 276-340   Trust component character relating to tax offset - taxation of trust component deficit  

276-340(1)  
This section applies if:


(a) the *AMIT has a *trust component of a character relating to a *tax offset; and


(b) the character of the trust component is not the character of *foreign income tax paid that counts towards a tax offset under Division 770 ; and


(c) the AMIT has a *trust component deficit for the income year of that character. Offset trust component deficit (other than FITO character) taxed

276-340(2)  
The trustee of the *AMIT is liable to pay tax at the rate declared by the Parliament on the amount of the *trust component deficit.

Note:

The tax is imposed by the Income Tax (Attribution Managed Investment Trusts - Offsets) Act 2016 and the rate of the tax is set out in that Act.


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