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 276-335   Meaning of FITO allocation amount  

276-335(1)  
This section applies if:


(a) the *AMIT has a *trust component of the character of *foreign income tax paid that counts towards a *tax offset under Division 770 ; and


(b) the AMIT has a *trust component deficit for the income year of that character.

276-335(2)  
The *AMIT has a FITO allocation amount for the income year equal to the sum of:


(a) that *trust component deficit; and


(b) the product of:


(i) that trust component deficit; and

(ii) the *corporate tax gross-up rate.

 

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