Income Tax Assessment Act 1997
This section applies if at any time during the income year the company is a partner in a partnership that has one or more *full year deductions for the income year of the partnership that corresponds to the income year of the company. 165-90(2)
The partnership's *full year deductions are treated as full year deductions of the company, but only to the extent of the *company's share. 165-90(3)
If the partnership's income year is the same as the company's, the company's share is calculated by dividing:
and expressing the result as a percentage.165-90(4)
However, if the partnership had neither a net income nor a partnership loss, the company's share is a percentage that is fair and reasonable having regard to the extent of the company's interest in the partnership. 165-90(5)
If the partnership's income year does not start and end at the same time as the company's income year, the company's share is a percentage that is fair and reasonable having regard to all relevant circumstances.
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