Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p15
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 15/27)
Character Range: 42976–45652

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 of this section is to adjust an *AMIT's *trust component of a particular character for an income year to take account of any *unders or *overs of that character that the AMIT has in the income year.

Unders increase trust component
 (2) If the *AMIT has an *under of that character in the income year (relating to any earlier income year), increase the amount of the *trust component by that under.
Note: Those earlier income years are referred to in section 276‑345 as base years.

Overs decrease trust component
 (3) If the *AMIT has an *over of that character in the income year (relating to any earlier income year), decrease the amount of the *trust component by that over.
Note: Those earlier income years are referred to in section 276‑345 as base years.

276‑310  Rounding adjustment deficit increases trust component
 (1) If the *AMIT has a *rounding adjustment deficit of that character for the income year, increase the amount of the *trust component by the amount of that rounding adjustment deficit.
 (2) The *AMIT has a rounding 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