S 571 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 571 formerly read:
SECTION 571 NOTIONAL DEDUCTIONS
INTEREST IN PARTNERSHIP LOSS
the FIF was a partner in a partnership at the end of an accounting period of the partnership; and
that accounting period of the partnership ends in the relevant period;
the interest of the FIF in a partnership loss of the partnership of that accounting period is, subject to section
, a notional deduction from the notional income of the FIF of the relevant period.
For the purposes of subsection (1):
a partnership has a partnership loss in relation to an accounting period of the partnership if the amount of the deductions that, if the partnership were a FIF and that accounting period were a notional accounting period, would be notional deductions under this section from the notional income of the FIF of that period exceeds that notional income; and
the excess is taken to be the amount of that partnership loss.
S 571 inserted by No 190 of 1992.