Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:1_1:p19
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 19/27)
Character Range: 52994–55786

of that character for the base year was created; and
 (b) assuming the assessment had not been amended at the discovery time mentioned in subsection 276‑345(2) for the under or over;
section 170 of the Income Tax Assessment Act 1936 would prevent the assessment from being amended to take account of the under or over.
Note: Section 170 of the Income Tax Assessment Act 1936 specifies the usual period within which assessments may be amended.

Subdivision 276‑G—Shortfall and excess taxation

Guide to Subdivision 276‑G

276‑400  What this Subdivision is about
      The trustee of an AMIT is liable to pay income tax on certain amounts reflecting under‑attribution of income or over‑attribution of tax offsets.

Table of sections

Ensuring determined trust components are properly taxed
276‑405 Trustee taxed on shortfall in determined member component (character relating to assessable income)
276‑410 Trustee taxed on excess in determined member component (character relating to tax offset)
276‑415 Trustee taxed on amounts of determined trust component that are not reflected in determined member components

Ensuring unders and overs are properly taxed
276‑420 Trustee taxed on amounts of under of character relating to assessable income not properly carried forward
276‑425 Trustee taxed on amounts of over of character relating to tax offset not properly carried forward

Commissioner may remit tax under this Subdivision
276‑430 Commissioner may remit tax under this Subdivision

Ensuring determined trust components are properly taxed

276‑405  Trustee taxed on shortfall in determined member component (character relating to assessable income)

Income character shortfall
 (1) An *AMIT has a shortfall under this subsection for an income year equal to the amount (if any) by which:
 (a) the *determined member component of a *member of the AMIT of a character relating to assessable income for the income year;
falls short of:
 (b) the *member component of the member of that character for the income year.

Liability to tax
 (2) The trustee is liable to pay income tax at the rate declared by the Parliament on the amount that is the sum of each shortfall of the *AMIT under subsection (1) for the income year.
Note: The rate is set out in subsection 12(11) of the Income Tax Rates Act 1986.

276‑410  Trustee taxed on excess in determined member component (character relating to tax offset)
 (1) An *AMIT has an excess under this subsection for an income year equal to the amount (if any) by which:
 (a) the *determined member component of a *member of the AMIT of a character relating to a *tax offset for the income year;
exceeds:
 (b) the *member component of the member of that character for the income year.

Liability to tax
 (2) The trustee is liable to pay tax at the rate