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  

Unders and overs

SECTION 276-350   276-350   Limited discovery period for unders and overs  


Despite section 276-345 , an *AMIT does not have an *under or an *over of a particular character for an income year (the base year ) if:


(a) assuming the Commissioner made an assessment of the *trust component of that character on the day on which the document stating the AMIT ' s *determined trust component of that character for the base year was created; and


(b) assuming the assessment had not been amended at the discovery time mentioned in subsection 276-345(2) for the under or over;

section 170 of the Income Tax Assessment Act 1936 would prevent the assessment from being amended to take account of the under or over.

Note:

Section 170 of the Income Tax Assessment Act 1936 specifies the usual period within which assessments may be amended.


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