INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances  

Subdivision 40-G - Capital expenditure of primary producers and other landholders  

Operative provisions

SECTION 40-665   How this Subdivision applies to partners and partnerships  

40-665(1)  
This section applies to allocate expenditure to you for the purposes of this Subdivision if you were a partner in a partnership when it incurred capital expenditure during an income year.

40-665(2)  
For the purposes of this Subdivision, you are taken to have incurred during that income year:


(a) the amount of the expenditure that the partners agreed you should bear; or


(b) if there was no such agreement - the proportion of the expenditure equal to the proportion of your individual interest in the net income or partnership loss of the partnership for that income year.

40-665(3)  


Disregard this Subdivision when working out the net income or partnership loss of the partnership under section 90 of the Income Tax Assessment Act 1936 .

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