Income Tax Assessment Act 1997
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.
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.
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)
(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.
A FITO allocation amount for the income year is worked out in accordance with section 276-335 .
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