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INCOME TAX ASSESSMENT ACT 1936 - SECT 330 Tax detriment

INCOME TAX ASSESSMENT ACT 1936 - SECT 330

Tax detriment

  (1)   For the purposes of this Part, each of the following is a tax detriment to a partner in a partnership:

  (a)   an increase in an amount included under section   92 in the partner's assessable income in respect of an interest in the net income of the partnership;

  (b)   a reduction in an amount allowable under section   92 as a deduction to the partner in respect of the partner's interest in a partnership loss of the partnership;

  (c)   a combination of such a reduction to nil and such an increase.

  (2)   For the purposes of this Part, an increase in an amount included under section   97, 98A or 100 in the assessable income of a beneficiary in respect of a share of the net income of a trust is a tax detriment to the beneficiary.

  (3)   For the purposes of this Part, an increase (including from nil) in an amount assessable to a trustee under section   98 in respect of a beneficiary's share of, or under section   99 or 99A in respect of the whole or a part of, the net income of a trust is a tax detriment to the trustee.

  (4)   The amount of the tax detriment is equal to the amount of the increase or reduction or, where paragraph   (1)(c) applies, the sum of the amounts of the reduction and increase.

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