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INCOME TAX ASSESSMENT ACT 1936 - SECT 90

Interpretation

                   In this Division:

"exempt income" , in relation to a partnership, means the exempt income of the partnership calculated as if the partnership were a taxpayer who was a resident.

"net income" , in relation to a partnership, means the assessable income of the partnership, calculated as if the partnership were a taxpayer who was a resident, less all allowable deductions except deductions allowable under section 290- 150 or Division 36 of the Income Tax Assessment Act 1997 .

"non-assessable non-exempt income" , in relation to a partnership, means the non-assessable non-exempt income of the partnership calculated as if the partnership were a taxpayer who was a resident.

"partnership loss" , in relation to a partnership, means the excess (if any) of the allowable deductions, other than deductions allowable under section 290- 150 or Division 36 of the Income Tax Assessment Act 1997 , over the assessable income of the partnership calculated as if the partnership were a taxpayer who was a resident.



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