INCOME TAX ASSESSMENT ACT 1997
For the purpose of applying the tests in sections 35-30 , 35-40 and 35-45 where you carry on a * business activity in an income year as a partner, ignore:
(a) any part of the assessable income from the business activity for the year that is attributable to the interest of a partner that is not an individual in the partnership net income or partnership loss for the year; and
(b) any part of the assessable income from the business activity for the year that is *derived from the activity by another partner otherwise than as a member of the partnership; and
(c) any part of the * reduced cost bases or other values of assets of the partnership used in carrying on the activity in that year that is attributable to the interest of a partner that is not an individual in those assets; and
(d) any part of the reduced cost bases or other values of assets owned or leased by another partner that are not partnership assets and used in carrying on the activity in that year.
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