Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 276.405

Income character shortfall

  (1)   An * AMIT has a shortfall under this subsection for an income year equal to the amount (if any) by which:

  (a)   the * determined member component of a * member of the AMIT of a character relating to assessable income for the income year;

falls short of:

  (b)   the * member component of the member of that character for the income year.

Liability to tax

  (2)   The trustee is liable to pay income tax at the rate declared by the Parliament on the amount that is the sum of each shortfall of the * AMIT under subsection   (1) for the income year.

Note:   The rate is set out in subsection   12(11) of the Income Tax Rates Act 1986 .