Tax and Superannuation Laws Amendment (2016 Measures No. 1) Act 2016 (52 of 2016)

Schedule 3   Farm management deposits

Part 2   Technical amendments

Income Tax Assessment Act 1997

19   After paragraph 328-355(b)

Insert:

; or (c) whose assessable income for the income year includes an amount that:

(i) would not have been so included if you had not been a partner in a partnership, or a beneficiary in a trust, that is a small business entity for the income year; and

(ii) is not included in the partnership's or trust's assessable income for an income year; and

(iii) would have formed part of the partnership's or trust's net small business income for an income year if the amount were included in the partnership's or trust's assessable income for an income year.