Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 165.90

(1) This section applies if at any time during the income year the company is
a partner in a partnership that has one or more *full year deductions for the
income year of the partnership that corresponds to the income year of the
company.

(2) The partnership's *full year deductions are treated as full year
deductions of the company, but only to the extent of the company's share.

(3) If the partnership's income year is the same as the company's, the
company's share is calculated by dividing:
. the company's interest in the partnership's net income or partnership loss
of the income year; by
. the amount of that net income or partnership loss; and expressing the result
as a percentage.

(4) However, if the partnership had neither a net income nor a partnership
loss, the company's share is a percentage that is fair and reasonable having
regard to the extent of the company's interest in the partnership.

(5) If the partnership's income year does not start and end at the same time
as the company's income year, the company's share is a percentage that is fair
and reasonable having regard to all relevant circumstances.

[The next Subdivision is Subdivision 165-D.]