Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-25
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PARTICULAR KINDS OF TRUSTS
Division 276
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Australian managed investment trusts: attribution managed investment trusts
Subdivision 276-F
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Unders and overs
Adjustment of trust component for unders and overs etc.
SECTION 276-315 Rounding adjustment surplus decreases trust component 276-315(1)
If the *AMIT has a *rounding adjustment surplus of that character for the income year, decrease the amount of the *trust component by the amount of that rounding adjustment surplus.
276-315(2)
The *AMIT has a rounding adjustment surplus of a particular character for an income year if:
(a) the AMIT has an excess for the previous income year under subsection (3); and
(b) the excess results wholly or partly from the trustee of the AMIT rounding up amounts in working out *determined member components for the previous income year.
276-315(3)
The *AMIT has an excess under this subsection for an income year equal to the amount (if any) by which:
(a) the sum of all the *determined member components of all the *members of the AMIT of a particular character relating to assessable income, *exempt income or *non-assessable non-exempt income for the income year;
(b) the *determined trust component of that character of the AMIT for the income year.
276-315(4)
(Repealed by No 15 of 2019)
276-315(5)
(Repealed by No 15 of 2019)
View history note
Hide history noteSECTION 276-315 Rounding adjustment surplus decreases trust component 276-315(1)
If the *AMIT has a *rounding adjustment surplus of that character for the income year, decrease the amount of the *trust component by the amount of that rounding adjustment surplus.
276-315(2)
The *AMIT has a rounding adjustment surplus of a particular character for an income year if:
(a) the AMIT has an excess for the previous income year under subsection (3); and
(b) the excess results wholly or partly from the trustee of the AMIT rounding up amounts in working out *determined member components for the previous income year.
The amount of the rounding adjustment surplus is the amount of the excess, to the extent that it results from that rounding up.
276-315(3)
The *AMIT has an excess under this subsection for an income year equal to the amount (if any) by which:
(a) the sum of all the *determined member components of all the *members of the AMIT of a particular character relating to assessable income, *exempt income or *non-assessable non-exempt income for the income year;
exceeds:
(b) the *determined trust component of that character of the AMIT for the income year.
276-315(4)
(Repealed by No 15 of 2019)
276-315(5)
(Repealed by No 15 of 2019)
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