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 276-305   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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