Income Tax Assessment Act 1997
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Hide history noteSECTION 276-345 Meaning of under and over of a character 276-345(1)
This section sets out how to work out the amount (if any) of an *AMIT ' s *under or *over of a particular character for an income year (the base year ) in a later income year (the discovery year ).
276-345(2)
The time (the discovery time ) at which this is worked out for the discovery year is just before the trustee works out the *determined trust component of that character for the discovery year.
Note:
This allows unders and overs to be included in the determined trust component for the discovery year: see section 276-305 .
276-345(3)
Compare the following amounts:
(a) the *AMIT ' s *trust component of that character for the base year, worked out on the basis of the trustee ' s knowledge at the discovery time (the discovery year amount );
(b) this amount (the base year running balance ):
(i) if the discovery year is the first income year after the base year - the AMIT ' s *determined trust component of that character for the base year; or
(ii) otherwise - the discovery year amount worked out under a previous operation of this section for the most recent income year before the discovery year.
A shortfall is an under
276-345(4)
If the base year running balance falls short of the discovery year amount, the amount of the shortfall is an under of that character, for the base year, that the *AMIT has in the discovery year.
An excess is an over
276-345(5)
If the base year running balance exceeds the discovery year amount, the amount of the excess is an over of that character, for the base year, that the *AMIT has in the discovery year.
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