INCOME TAX ASSESSMENT ACT 1997 - SECT 716.90 Entity's share of assessable income or deductions of partnership or trust

INCOME TAX ASSESSMENT ACT 1997 - SECT 716.90

  (1)   If paragraph   716 - 75(a) or (b) applies, the entity's share is worked out by dividing:

•   the entity's individual interest as a partner in the net income of the partnership or in the partnership loss;

by:

•   the amount of that net income or partnership loss;

and expressing the result as a percentage.

  (2)   If paragraph   716 - 75(c) or (d) applies, the entity's share is worked out by dividing:

•   the share of the income of the trust to which the entity is presently entitled;

by:

•   the amount of that income;

and expressing the result as a percentage.