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 276-330   Meaning of cross-character allocation amount and carry-forward trust component deficit  

Section applies to trust component of assessable income character

276-330(1)    
This section applies if the *trust component is of a character relating to assessable income.

Cross-character allocation amount

276-330(2)    
The trustee may, in accordance with subsection (3), allocate a *trust component deficit (if any) of that character for the income year against the *AMIT ' s other trust components for that income year that are also of a character relating to assessable income.

276-330(3)    
For the trustee to make an allocation under subsection (2) the trustee:

(a) must allocate that *trust component deficit between those other *trust components on a reasonable basis; and

(b) cannot allocate more to a trust component than the amount of that trust component.

276-330(4)    
If the trustee allocates an amount under subsection (2) to a *trust component of a character for that income year, the amount allocated is a cross-character allocation amount of that character for that income year.

Carry-forward trust component deficit

276-330(5)    
If there is an amount of that *trust component deficit remaining after allocating it in accordance with subsection (2), the remaining amount is the *AMIT ' s carry-forward trust component deficit of the character mentioned in subsection (1) for the next income year.