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INCOME TAX ASSESSMENT ACT 1997 - SECT 276.335 Meaning of FITO allocation amount

INCOME TAX ASSESSMENT ACT 1997 - SECT 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.

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