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 276-340 Trust component character relating to tax offset - taxation of trust component deficit 276-340(1)
This section applies if:
(a) the *AMIT has a *trust component of a character relating to a *tax offset; and
(b) the character of the trust component is not the character of *foreign income tax paid that counts towards a tax offset under Division 770 ; and
(c) the AMIT has a *trust component deficit for the income year of that character.
Offset trust component deficit (other than FITO character) taxed
276-340(2)
The trustee of the *AMIT is liable to pay tax at the rate declared by the Parliament on the amount of the *trust component deficit.
View history note
Hide history noteSECTION 276-340 Trust component character relating to tax offset - taxation of trust component deficit 276-340(1)
This section applies if:
(a) the *AMIT has a *trust component of a character relating to a *tax offset; and
(b) the character of the trust component is not the character of *foreign income tax paid that counts towards a tax offset under Division 770 ; and
(c) the AMIT has a *trust component deficit for the income year of that character.
Offset trust component deficit (other than FITO character) taxed
276-340(2)
The trustee of the *AMIT is liable to pay tax at the rate declared by the Parliament on the amount of the *trust component deficit.
Note:
The tax is imposed by the Income Tax (Attribution Managed Investment Trusts - Offsets) Act 2016 and the rate of the tax is set out in that Act.
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