Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p18
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 18/27)
Character Range: 50626–53226

component deficit for the income year of that character.

Offset trust component deficit (other than FITO character) taxed
 (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.

Unders and overs

276‑345  Meaning of under and over of a character
 (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).
 (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.
 (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
 (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
 (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.

276‑350  Limited discovery period for unders and overs
  Despite section 276‑345, an *AMIT does not have an *under or an *over of a particular character for an income year (the base year) if:
 (a) assuming the Commissioner made an assessment of the *trust component of that character on the day on which the document stating the AMIT's *determined trust component of that character for the base year was created; and
 (b) assuming the assessment had not been amended at the discovery time mentioned in subsection 276‑345(2) for the under or over;
section 170 of the Income Tax Assessment Act 1936