Income Tax Assessment Act 1997
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Hide history noteSECTION 276-425 Trustee taxed on amounts of over of character relating to tax offset not properly carried forward 276-425(1)
An *AMIT for an income year has a shortfall under this subsection for the income year equal to the amount (if any) by which:
(a) an *over of the AMIT of a character relating to a *tax offset in the income year relating to an earlier income year (the base year ) (as worked out by the trustee on the basis of the trustee ' s knowledge at the discovery time mentioned in subsection 276-345(2) );
falls short of:
(b) what the over would have been if it had been worked out on the basis of what the trustee should have known at that time.
Liability to tax
276-425(2)
The trustee is liable to pay tax at the rate declared by the Parliament on the amount that is the sum of each shortfall of the *AMIT under subsection (1) for the income year.
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.
Adjustment for later overs relating to the same base year
276-425(3)
If there is a shortfall under subsection (1) for a particular character for an income year, for the purposes of applying paragraph 276-345(3)(b) (base year running balance) to a later income year, decrease the amount mentioned in subparagraph 276-345(3)(b)(ii) (previous discovery year amount) for that character by the amount of the shortfall.
276-425(4)
Subsection (5) applies if:
(a) there is a shortfall under subsection (1) of a particular character relating to a *tax offset for an income year; and
(b) the *AMIT has an *over of that character in a later income year relating to the base year mentioned in subsection (1); and
(c) the amount mentioned in paragraph (1)(b) is reflected (in whole or in part) in the amount of the over.
276-425(5)
Reduce the shortfall by the extent to which the *over in the later income year reflects the amount mentioned in paragraph (1)(b).
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