Income Tax Assessment Act 1997
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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