INCOME TAX ASSESSMENT ACT 1997 - SECT 276.340 Trust component character relating to tax offset--taxation of trust component deficit

INCOME TAX ASSESSMENT ACT 1997 - SECT 276.340

  (1)   This section applies if:

  (a)   the * AMIT has a * trust component of a character relating to a * tax offset; and

  (b)   the character of the trust component is not the character of * foreign income tax paid that counts towards a tax offset under Division   770; and

  (c)   the AMIT has a * trust component deficit for the income year of that character.

Offset trust component deficit (other than FITO character) taxed

  (2)   The trustee of the * AMIT is liable to pay tax at the rate declared by the Parliament on the amount of the * trust component deficit.

Note:   The tax is imposed by the Income Tax (Attribution Managed Investment Trusts--Offsets) Act 2016 and the rate of the tax is set out in that Act.