Income Tax Assessment Act 1936
If, under a partnership agreement:
(a) a partner is entitled to a share of income that the partnership derives from time to time, or of the capital of the partnership; and
(b) the share is not able to be varied;
the partner has a fixed entitlement to that share of the income or capital.Deemed fixed entitlement 272-15(2)
(a) a partner does not have a fixed entitlement to a share of income that the partnership derives from time to time, or of the capital of a partnership, only because the partner ' s share of the income or capital is able to be varied; and
(b) the Commissioner considers that the partner should be treated as having the fixed entitlement, having regard to:
(i) the circumstances in which the share is able to be varied; and
(ii) the likelihood of the variation happening; and
(iii) the nature of the partnership;
the partner has the fixed entitlement.
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