Income Tax Assessment Act 1997

Div 375 repealed by No 164 of 2007, s 3 and Sch 10 item 71, effective 1 July 2010.

Subdiv 375-H repealed by No 164 of 2007, s 3 and Sch 10 item 71, effective 1 July 2010.

Subdiv 375-H inserted by No 108 of 1998.

S 375-870 repealed by No 164 of 2007, s 3 and Sch 10 item 71, effective 1 July 2010. S 375-870 formerly read:

SECTION 375-870 How this Subdivision applies to partners and partnerships  
Application

375-870(1)
This section applies to allocate to you, for the purposes of this Subdivision, money paid for ^* shares issued by a ^* FLIC during an income year if:

(a) you are a partner in a partnership; and

(b) the shares have been issued to you and your partners jointly; and

(c) the partnership has paid for the shares.

Allocation of payments to partners

375-870(2)
For the purposes of this Subdivision, you are taken to have paid for the shares during that income year:

(a) the amount of the payment for the ^* shares that the partners agreed is attributable to you; or

(b) if there was no such agreement - the proportion of the payment for the shares that is equal to the proportion of your individual interest in the net income or partnership loss of the partnership for that income year.

This Subdivision does not apply to net income or partnership loss

375-870(3)
Disregard this Subdivision when working out the net income or partnership loss of the partnership under section 90 of the Income Tax Assessment Act 1936 .

S 375-870 inserted by No 108 of 1998.