Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p16
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 16/27)
Character Range: 45440–48307

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.
 (4) Subsection (5) applies if a *determined member component is of the character of:
 (a) a *discount capital gain from a *CGT asset that is *taxable Australian property; or
 (b) a discount capital gain from a CGT asset that is not taxable Australian property.
 (5) For the purposes of this section, treat the amount of the component as being double what it would be apart from this subsection.

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 has a *carry‑forward trust component deficit of that character for the income year, decrease the amount of the *trust component by the amount of that deficit.
Note: A carry‑forward trust component deficit for the income year is worked out in respect of the previous income year under subsection 276‑330(5).

FITO allocation amount increases trust component with the character of foreign source income
 (4) If:
 (a) the character of the *trust component is a character relating to *ordinary income, or *statutory income, from a source other than an *Australian source; and
 (b) the *AMIT has a *FITO allocation amount for the income year;
increase the amount of the trust component by that FITO allocation amount.
Note: A FITO allocation amount for the income year is worked