Income Tax Assessment Act 1997
SECTION 40-665 How this Subdivision applies to partners and partnerships 40-665(1)
This section applies to allocate expenditure to you for the purposes of this Subdivision if you were a partner in a partnership when it incurred capital expenditure during an income year.
40-665(2)
For the purposes of this Subdivision, you are taken to have incurred during that income year:
(a) the amount of the expenditure that the partners agreed you should bear; or
(b) if there was no such agreement - the proportion of the expenditure equal to the proportion of your individual interest in the net income or partnership loss of the partnership for that income year.
40-665(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 .
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.