Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p27
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 27/27)
Character Range: 72336–73262

character.
 (6) If that character relates to a *tax offset and exceeds the total of the existing offset or offsets (before the reduction under subsection (5)):
 (a) unless paragraph (b) applies—the trustee is liable to pay tax at the rate declared by the Parliament on the excess; or
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.
 (b) if that character is the character of *foreign income tax paid that counts towards a tax offset under Division 770—subsection (7) applies.
 (7) Increase the trust's assessable income for the discovery year by the sum of:
 (a) the excess mentioned in subsection (6); and
 (b) the product of:
 (i) that excess; and
 (ii) the *corporate tax gross‑up rate.
Treat the amount of that increase as assessable income from a source other than an *Australian source.

Taxation Administration Act 1953