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 276-325   Trust component of character relating to assessable income - adjustment for cross-character allocation amount, carry-forward trust component deficit and FITO allocation amount  

Section applies to trust component of assessable income character

276-325(1)  
This section applies if the *trust component is of a character relating to assessable income. Cross-character allocation amount decreases trust component

276-325(2)  
If the *AMIT has a *cross-character allocation amount of that character for the income year, decrease the amount of the *trust component by that amount.

Note:

A cross-character allocation amount of a character for the income year is allocated from a trust component deficit of another character for the income year in accordance with subsections 276-330(2) , (3) and (4) .

Carry-forward trust component deficit decreases trust component

276-325(3)  
If the *AMIT has a *carry-forward trust component deficit of that character for the income year, decrease the amount of the *trust component by the amount of that deficit.

Note:

A carry-forward trust component deficit for the income year is worked out in respect of the previous income year under subsection 276-330(5) .

FITO allocation amount increases trust component with the character of foreign source income

276-325(4)  
If:


(a) the character of the *trust component is a character relating to *ordinary income, or *statutory income, from a source other than an *Australian source; and


(b) the *AMIT has a *FITO allocation amount for the income year;

increase the amount of the trust component by that FITO allocation amount.

Note:

A FITO allocation amount for the income year is worked out in accordance with section 276-335 .


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