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(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
(i) that trust component deficit; and
(ii) the * corporate tax gross - up rate.