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-E
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Trust components
Trust-level concepts
SECTION 276-265 Rules for working out trust components - general rules
General taxability and residence assumptions to be made
276-265(1)
Work out the amount of the *trust component of each character in relation to the *AMIT assuming that the AMIT ' s trustee:
(a) was liable to pay *tax; and
(b) was an Australian resident.
Trust components of assessable income character are net of deductions
276-265(2)
The sum of all of the *trust components of a character relating to assessable income of the *AMIT for the income year equals the total assessable income of the AMIT for the income year, reduced by all deductions of the AMIT for the year. To avoid doubt, for the purposes of this subsection, apply subsection (1).
276-265(3)
However, if that total assessable income does not exceed those deductions, the amount of each *trust component of a character relating to assessable income of the *AMIT for the income year is nil.
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Hide history noteSECTION 276-265 Rules for working out trust components - general rules
General taxability and residence assumptions to be made
276-265(1)
Work out the amount of the *trust component of each character in relation to the *AMIT assuming that the AMIT ' s trustee:
(a) was liable to pay *tax; and
(b) was an Australian resident.
Trust components of assessable income character are net of deductions
276-265(2)
The sum of all of the *trust components of a character relating to assessable income of the *AMIT for the income year equals the total assessable income of the AMIT for the income year, reduced by all deductions of the AMIT for the year. To avoid doubt, for the purposes of this subsection, apply subsection (1).
276-265(3)
However, if that total assessable income does not exceed those deductions, the amount of each *trust component of a character relating to assessable income of the *AMIT for the income year is nil.
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