INCOME TAX ASSESSMENT ACT 1997 - SECT 276.305 Adjustment of trust component for unders and overs

INCOME TAX ASSESSMENT ACT 1997 - SECT 276.305

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.