Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 276.260

  (1)   The object of this section is to ensure that an * AMIT's amounts of assessable income, * exempt income, * non - assessable non - exempt income and * tax offsets for an income year are allocated, according to their character, into separate components for the purposes of this Act.

  (2)   An * AMIT's trust component for an income year:

  (a)   of a character relating to assessable income; or

  (b)   of a character relating to * exempt income; or

  (c)   of a character relating to * non - assessable non - exempt income; or

  (d)   of a character relating to a * tax offset;

is the amount of that character for the income year worked out for the AMIT in accordance with the rules in sections   276 - 265 and 276 - 270.

  (3)   This section is subject to Subdivision   276 - F (which deals with the effect of * unders and * overs).

  (4)   The rules in sections   276 - 265 and 276 - 270 apply only for the purposes of determining the amounts of * trust components.