Commonwealth Consolidated Acts Commonwealth Consolidated ActsThis Subdivision sets out how underestimates and overestimates of amounts at the trust level are carried forward and dealt with in later years. This is generally done on a character - by - character basis.
An underestimate in an income year of a particular character results in an under of that character. An overestimate results in an over of that character.
Unders and overs arise, and are dealt with, in the income year in which they are discovered.
Adjustment of trust component for unders and overs etc.
276 - 305 Adjustment of trust component for unders and overs
276 - 310 Rounding adjustment deficit increases trust component
276 - 315 Rounding adjustment surplus decreases trust component
276 - 320 Meaning of trust component deficit
276 - 325 Trust component of character relating to assessable income--adjustment for cross - character allocation amount, carry - forward trust component deficit and FITO allocation amount
276 - 330 Meaning of cross - character allocation amount and carry - forward trust component deficit
276 - 335 Meaning of FITO allocation amount
276 - 340 Trust component character relating to tax offset--taxation of trust component deficit
276 - 345 Meaning of under and over of a character
276 - 350 Limited discovery period for unders and overs