S 478 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part
heading. S 478 formerly read:
SECTION 478 TAX DETRIMENT
For the purposes of this Part, each of the following is a tax detriment to a partner in a partnership:
an increase in an amount included under section
in the partner
s assessable income in respect of an interest in the net income of the partnership;
a reduction in an amount allowable under section
as a deduction to the partner in respect of the partner
s interest in a partnership loss of the partnership;
a combination of such a reduction to nil and such an increase.
For the purposes of this Part, an increase in an amount included under section
in the assessable income of a beneficiary in respect of a share of the net income of a trust is a tax detriment to the beneficiary.
For the purposes of this Part, an increase (including from nil) in an amount assessable to a trustee under section
in respect of a beneficiary
s share of, or under section
in respect of the whole or a part of, the net income of a trust is a tax detriment to the trustee.
The amount of the tax detriment is equal to the amount of the increase or reduction or, if paragraph (1)(c) applies, the sum of the amounts of the reduction and increase.
S 478 inserted by No 190 of 1992.