Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purpose of working out the net income of a partnership or of a trust estate, the operative provision applies as mentioned in section 485, subject to the following provision.
(2) The requirement in the definition of net income in sections 90 and 95 for assessable income to be calculated as if the partnership or trust estate concerned were a taxpayer who is a resident is, in applying the operative provision, to be taken to be a requirement to calculate that assessable income as if the taxpayer were a Part XI Australian resident.