Income Tax Assessment Act 1997
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.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
