Income Tax Assessment Act 1997
This section sets out how to work out the amount (if any) of an *AMIT ' s *under or *over of a particular character for an income year (the base year ) in a later income year (the discovery year ). 276-345(2)
The time (the discovery time ) at which this is worked out for the discovery year is just before the trustee works out the *determined trust component of that character for the discovery year.
This allows unders and overs to be included in the determined trust component for the discovery year: see section 276-305 .276-345(3)
Compare the following amounts:
(a) the *AMIT ' s *trust component of that character for the base year, worked out on the basis of the trustee ' s knowledge at the discovery time (the discovery year amount );
(b) this amount (the base year running balance ):
(i) if the discovery year is the first income year after the base year - the AMIT ' s *determined trust component of that character for the base year; or
A shortfall is an under 276-345(4)
(ii) otherwise - the discovery year amount worked out under a previous operation of this section for the most recent income year before the discovery year.
If the base year running balance falls short of the discovery year amount, the amount of the shortfall is an under of that character, for the base year, that the *AMIT has in the discovery year. An excess is an over 276-345(5)
If the base year running balance exceeds the discovery year amount, the amount of the excess is an over of that character, for the base year, that the *AMIT has in the discovery year.
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