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 .


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.