Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p23
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 23/80)
Character Range: 4398586–4401453

adjustment deficit of a particular character for an income year if:
 (a) the AMIT has a shortfall for the previous income year under subsection 276‑415(1); and
 (b) the shortfall results wholly or partly from the trustee of the AMIT rounding down amounts in working out *determined member components for the previous income year.
The amount of the rounding adjustment deficit is the amount of the shortfall, to the extent that it results from that rounding down.

276‑315  Rounding adjustment surplus decreases trust component
 (1) If the *AMIT has a *rounding adjustment surplus of that character for the income year, decrease the amount of the *trust component by the amount of that rounding adjustment surplus.
 (2) The *AMIT has a rounding adjustment surplus of a particular character for an income year if:
 (a) the AMIT has an excess for the previous income year under subsection (3); and
 (b) the excess results wholly or partly from the trustee of the AMIT rounding up amounts in working out *determined member components for the previous income year.
The amount of the rounding adjustment surplus is the amount of the excess, to the extent that it results from that rounding up.
 (3) The *AMIT has an excess under this subsection for an income year equal to the amount (if any) by which:
 (a) the sum of all the *determined member components of all the *members of the AMIT of a particular character relating to assessable income, *exempt income or *non‑assessable non‑exempt income for the income year;
exceeds:
 (b) the *determined trust component of that character of the AMIT for the income year.

276‑320  Meaning of trust component deficit
  If the amount of the *trust component, worked out after applying sections 276‑305, 276‑310 and 276‑315 (and, if applicable, section 276‑325), falls short of nil:
 (a) despite those provisions, the *trust component of that character is nil; and
 (b) the shortfall is the *AMIT's trust component deficit of that character for the income year.

276‑325  Trust component of character relating to assessable income—adjustment for cross‑character allocation amount, carry‑forward trust component deficit and FITO allocation amount

Section applies to trust component of assessable income character
 (1) This section applies if the *trust component is of a character relating to assessable income.

Cross‑character allocation amount decreases trust component
 (2) If the *AMIT has a *cross‑character allocation amount of that character for the income year, decrease the amount of the *trust component by that amount.
Note: A cross‑character allocation amount of a character for the income year is allocated from a trust component deficit of another character for the income year in accordance with subsections 276‑330(2), (3) and (4).

Carry‑forward trust component deficit decreases trust component
 (3) If the *AMIT