• Specific Year
    Any

INCOME TAX ASSESSMENT ACT 1997 - SECT 276.330 Meaning of cross - character allocation amount and carry - forward trust component deficit

INCOME TAX ASSESSMENT ACT 1997 - SECT 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.

Download

No downloadable files available