INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 9C - Assessable income diverted under certain tax avoidance schemes  

SECTION 121G   DIVERTED INCOME AND DIVERTED TRUST INCOME  

121G(10)   [Partnership - deemed expenditure]  

For the purposes of the application of subsection (8), a reference to a deduction that is allowable in calculating the net income of a partnership shall be read as not including a reference to a deduction allowable to the partnership in respect of expenditure:


(a) taken under sections 36 and 36A of this Act to have been incurred in the acquisition of trading stock by the partnership; or


(b) taken under sections 70-90 and 70-95 and subsection 70-100(3) of the Income Tax Assessment Act 1997 to have been incurred in the acquisition of trading stock by the partnership.


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