Income Tax Assessment Act 1997



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 276-330   Meaning of cross-character allocation amount and carry-forward trust component deficit  

Section applies to trust component of assessable income character

This section applies if the *trust component is of a character relating to assessable income. Cross-character allocation amount

The trustee may, in accordance with subsection (3), allocate a *trust component deficit (if any) of that character for the income year against the *AMIT ' s other trust components for that income year that are also of a character relating to assessable income.

For the trustee to make an allocation under subsection (2) the trustee:

(a) must allocate that *trust component deficit between those other *trust components on a reasonable basis; and

(b) cannot allocate more to a trust component than the amount of that trust component.

If the trustee allocates an amount under subsection (2) to a *trust component of a character for that income year, the amount allocated is a cross-character allocation amount of that character for that income year. Carry-forward trust component deficit

If there is an amount of that *trust component deficit remaining after allocating it in accordance with subsection (2), the remaining amount is the *AMIT ' s carry-forward trust component deficit of the character mentioned in subsection (1) for the next income year.


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