INCOME TAX ASSESSMENT ACT 1936

PART X - ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES  

Division 4 - Attribution accounts  

SECTION 367   DIRECT ATTRIBUTION ACCOUNT INTEREST IN A PARTNERSHIP  

367(1)   [Interests held by partner]  

An entity that is a partner in a partnership holds a direct attribution account interest in the partnership at a particular time equal to the percentage that the partner holds, or is entitled to acquire, of:


(a) the total interests in the profits of the partnership; or


(b) the total interests in the property of the partnership;

or, if those percentages differ, the greater of those percentages.

367(2)   [Ascertainment of interest]  

For the purposes of the application of subsection (1) to a partnership:


(a) the percentage that the partner holds, or is entitled to acquire, of the total interests in the profits of the partnership; or


(b) the percentage that the partner holds, or is entitled to acquire, of the total interests in the property of the partnership;

at a particular time (in this subsection called the ``test time'' ) in an accounting period of the partnership is to be worked out by:


(c) ascertaining whichever of the following is applicable:


(i) the profits of the partnership for the accounting period;

(ii) the property of the partnership as at the end of the accounting period; and


(d) assuming that the percentage that the partner holds, or that the partner is entitled to acquire, at the test time was the same at all other times during the accounting period; and


(e) ascertaining the percentage concerned:


(i) at the end of the accounting period instead of at the test time; and

(ii) on that assumption.


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