Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 716 - Miscellaneous special rules  

Subdivision 716-A - Assessable income and deductions spread over several membership or non-membership periods  

Assessable income and deductions arising from share of net income of a partnership or trust, or from share of partnership loss

SECTION 716-90   Entity's share of assessable income or deductions of partnership or trust  

716-90(1)    
If paragraph 716-75(a) or (b) applies, the entity's share is worked out by dividing:

• the entity's individual interest as a partner in the net income of the partnership or in the partnership loss;

by:

• the amount of that net income or partnership loss;

and expressing the result as a percentage.

716-90(2)    
If paragraph 716-75(c) or (d) applies, the entity's share is worked out by dividing:

• the share of the income of the trust to which the entity is presently entitled;

by:

• the amount of that income;

and expressing the result as a percentage.