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  

Unders and overs

SECTION 276-345   Meaning of under and over of a character  

276-345(1)    
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.

Note:

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

(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.

A shortfall is an under

276-345(4)    
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.