Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p17
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 17/27)
Character Range: 48074–50855

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 out in accordance with section 276‑335.

276‑330  Meaning of cross‑character allocation amount and carry‑forward trust component deficit

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
 (2) The trustee may, in accordance with subsection (3), allocate a *trust component deficit (if any) of that character for the income year against the *AMIT's other trust components for that income year that are also of a character relating to assessable income.
 (3) For the trustee to make an allocation under subsection (2) the trustee:
 (a) must allocate that *trust component deficit between those other *trust components on a reasonable basis; and
 (b) cannot allocate more to a trust component than the amount of that trust component.
 (4) If the trustee allocates an amount under subsection (2) to a *trust component of a character for that income year, the amount allocated is a cross‑character allocation amount of that character for that income year.

Carry‑forward trust component deficit
 (5) If there is an amount of that *trust component deficit remaining after allocating it in accordance with subsection (2), the remaining amount is the *AMIT's carry‑forward trust component deficit of the character mentioned in subsection (1) for the next income year.

276‑335  Meaning of FITO allocation amount
 (1) This section applies if:
 (a) the *AMIT has a *trust component of the character of *foreign income tax paid that counts towards a *tax offset under Division 770; and
 (b) the AMIT has a *trust component deficit for the income year of that character.
 (2) The *AMIT has a FITO allocation amount for the income year equal to the sum of:
 (a) that *trust component deficit; and
 (b) the product of:
 (i) that trust component deficit; and
 (ii) the *corporate tax gross‑up rate.

276‑340  Trust component character relating to tax offset—taxation of trust component deficit
 (1) This section applies if:
 (a) the *AMIT has a *trust component of a character relating to a *tax offset; and
 (b) the character of the trust component is not the character of *foreign income tax paid that counts towards a tax offset under Division 770; and
 (c) the AMIT has a *trust component deficit for the income year of that character.

Offset trust component deficit (other than FITO character) taxed
 (2) The trustee of the *AMIT is liable to pay tax at the rate declared by the Parliament on the amount of