INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) a trust amount is included in a taxpayer's assessable income of a year of income; and
(b) the taxpayer is not entitled to a rebate of tax in respect of the trust amount because of subsection 160APQ(4) , 160AQX(2) , 160AQY(2) , 160AQYA(1A) or 160AQZA(4) ; and
(c) no deduction has been allowed, or is allowable, from the trustee's assessable income of any year of income under section 160AR or 160ARAB ;
an amount equal to the class A potential rebate amount, the class B potential rebate amount, or the class C potential rebate amount, that arises in relation to the trust amount is allowable as a deduction from the trustee's assessable income of the year of income.
160ARAC(2) [Partnership amount](a) a partnership amount is included in a taxpayer's assessable income of a year of income; and
(b) the taxpayer is not entitled to a rebate of tax in respect of the partnership amount because of subsection 160APQ(4) , 160AQYA(3) , 160AQZ(2) or 160AQZA(4) ; and
(c) no deduction has been allowed, or is allowable, from the partnership's assessable income of any year of income under section 160AR or 160ARAB ;
an amount equal to the class A potential rebate amount, the class B potential rebate amount, or the class C potential rebate amount, that arises in relation to the partnership amount is allowable as a deduction from the partnership's assessable income of the year of income.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.