Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p14
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 14/27)
Character Range: 40299–43226

Trust components of assessable income character are net of deductions
 (2) The sum of all of the *trust components of a character relating to assessable income of the *AMIT for the income year equals the total assessable income of the AMIT for the income year, reduced by all deductions of the AMIT for the year. To avoid doubt, for the purposes of this subsection, apply subsection (1).
 (3) However, if that total assessable income does not exceed those deductions, the amount of each *trust component of a character relating to assessable income of the *AMIT for the income year is nil.

276‑270  Rules for working out trust components—allocation of deductions
 (1) An amount of a deduction that relates directly only to one or more amounts of assessable income can be deducted only against that amount or those amounts of assessable income. If there are 2 or more such amounts of assessable income, the amount of the deduction is allocated against those amounts on a reasonable basis.
 (2) If an amount of a deduction remains after applying the rules in subsection (1), the remainder can be deducted against other amounts of assessable income. The amount of the remainder is allocated against those amounts on a reasonable basis.
 (3) For the purposes of this section, determine whether a deduction relates directly to an amount of assessable income on a reasonable basis.

Subdivision 276‑F—Unders and overs

Guide to Subdivision 276‑F

276‑300  What this Subdivision is about

      This Subdivision sets out how underestimates and overestimates of amounts at the trust level are carried forward and dealt with in later years. This is generally done on a character‑by‑character basis.
      An underestimate in an income year of a particular character results in an under of that character. An overestimate results in an over of that character.
      Unders and overs arise, and are dealt with, in the income year in which they are discovered.

Table of sections

Adjustment of trust component for unders and overs etc.
276‑305 Adjustment of trust component for unders and overs
276‑310 Rounding adjustment deficit increases trust component
276‑315 Rounding adjustment surplus decreases trust component
276‑320 Meaning of trust component deficit
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
276‑330 Meaning of cross‑character allocation amount and carry‑forward trust component deficit
276‑335 Meaning of FITO allocation amount
276‑340 Trust component character relating to tax offset—taxation of trust component deficit

Unders and overs
276‑345 Meaning of under and over of a character
276‑350 Limited discovery period for unders and overs

Adjustment of trust component for unders and overs etc.

276‑305  Adjustment of trust component for unders and overs

Object
 (1) The object