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