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 276-325 Trust component of character relating to assessable income - adjustment for cross-character allocation amount, carry-forward trust component deficit and FITO allocation amount
Section applies to trust component of assessable income character
276-325(1)
This section applies if the *trust component is of a character relating to assessable income.
Cross-character allocation amount decreases trust component
276-325(2)
If the *AMIT has a *cross-character allocation amount of that character for the income year, decrease the amount of the *trust component by that amount.
Carry-forward trust component deficit decreases trust component
276-325(3)
If the *AMIT has a *carry-forward trust component deficit of that character for the income year, decrease the amount of the *trust component by the amount of that deficit.
FITO allocation amount increases trust component with the character of foreign source income
276-325(4)
If:
(a) the character of the *trust component is a character relating to *ordinary income, or *statutory income, from a source other than an *Australian source; and
(b) the *AMIT has a *FITO allocation amount for the income year;
View history note
Hide history noteSECTION 276-325 Trust component of character relating to assessable income - adjustment for cross-character allocation amount, carry-forward trust component deficit and FITO allocation amount
Section applies to trust component of assessable income character
276-325(1)
This section applies if the *trust component is of a character relating to assessable income.
Cross-character allocation amount decreases trust component
276-325(2)
If the *AMIT has a *cross-character allocation amount of that character for the income year, decrease the amount of the *trust component by that amount.
Note:
A cross-character allocation amount of a character for the income year is allocated from a trust component deficit of another character for the income year in accordance with subsections 276-330(2) , (3) and (4) .
Carry-forward trust component deficit decreases trust component
276-325(3)
If the *AMIT has a *carry-forward trust component deficit of that character for the income year, decrease the amount of the *trust component by the amount of that deficit.
Note:
A carry-forward trust component deficit for the income year is worked out in respect of the previous income year under subsection 276-330(5) .
FITO allocation amount increases trust component with the character of foreign source income
276-325(4)
If:
(a) the character of the *trust component is a character relating to *ordinary income, or *statutory income, from a source other than an *Australian source; and
(b) the *AMIT has a *FITO allocation amount for the income year;
increase the amount of the trust component by that FITO allocation amount.
Note:
A FITO allocation amount for the income year is worked out in accordance with section 276-335 .
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