Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p22
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 22/80)
Character Range: 4395918–4398827

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 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