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-E - Trust components  

Trust-level concepts

SECTION 276-260   Meaning of trust component  

276-260(1)  
The object of this section is to ensure that an *AMIT ' s amounts of assessable income, *exempt income, *non-assessable non-exempt income and *tax offsets for an income year are allocated, according to their character, into separate components for the purposes of this Act.

276-260(2)  
An *AMIT ' s trust component for an income year:


(a) of a character relating to assessable income; or


(b) of a character relating to *exempt income; or


(c) of a character relating to *non-assessable non-exempt income; or


(d) of a character relating to a *tax offset;

is the amount of that character for the income year worked out for the AMIT in accordance with the rules in sections 276-265 and 276-270 .

276-260(3)  
This section is subject to Subdivision 276-F (which deals with the effect of *unders and *overs).

276-260(4)  
The rules in sections 276-265 and 276-270 apply only for the purposes of determining the amounts of *trust components.


 

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