Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 830 - Foreign hybrids  

Subdivision 830-B - Extension of normal partnership provisions to foreign hybrid companies  

Note:

The normal partnership provisions will apply of their own force to foreign hybrids that are foreign hybrid limited partnerships.

SECTION 830-30  

830-30   Individual interest of a partner in net income etc. equals percentage of notional distribution of company's profits  

The individual interest of a partner in the *net income or *partnership loss of the partnership of the income year is equal to the percentage that, if the profits of the company for the income year were distributed at the end of the income year to its *shareholders:

(a) if paragraph (b) does not apply - as dividends; or

(b) if the company's *constitution or other rules provide for the distribution of profits other than as dividends - in accordance with the constitution or those rules;

the partner, as a shareholder, could reasonably be expected to receive of the total distribution.