Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) 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.
(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.
(3) If the partnership's income year is the same as the company's, the company's share is calculated by dividing:
• the company's interest in the partnership's net income or partnership loss of the income year;
• the amount of that net income or partnership loss;
and expressing the result as a percentage.
(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.
(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.