Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 276-300 What this Subdivision is about
This Subdivision sets out how underestimates and overestimates of amounts at the trust level are carried forward and dealt with in later years. This is generally done on a character-by-character basis.
An underestimate in an income year of a particular character results in an under of that character. An overestimate results in an over of that character.
Unders and overs arise, and are dealt with, in the income year in which they are discovered.
| Adjustment of trust component for unders and overs etc. | |
| 276-305 | Adjustment of trust component for unders and overs |
| 276-310 | Rounding adjustment deficit increases trust component |
| 276-315 | Rounding adjustment surplus decreases trust component |
| 276-320 | Meaning of trust component deficit |
| 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 |
| 276-330 | Meaning of cross-character allocation amount and carry-forward trust component deficit |
| 276-335 | Meaning of FITO allocation amount |
| 276-340 | Trust component character relating to tax offset - taxation of trust component deficit |
| Unders and overs | |
| 276-345 | Meaning of under and over of a character |
| 276-350 | Limited discovery period for unders and overs |
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