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.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.