Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 165.75

(1) This section applies if at any time during a period the company was a
partner in one or more partnerships.

(2) The company has a *notional loss for the period if the total (the loss
total) of:

   (a)  the deductions attributed to the period under section 165- 55; and

   (b)  the company's share of each notional loss (if any) of a partnership
        for the period; exceeds the total (the income total) of:

   (c)  the assessable income attributed to the period under section 165-60;
        and

   (d)  the company's share of each *notional net income (if any) of a
        partnership for the period. The notional loss is the amount of the
        excess. Note: A notional loss is taken into account in working out the
        company's tax loss under section 165-70.

(3) On the other hand, if the *income total exceeds the *loss total, the
company has a notional taxable income for the period, equal to the excess.
Note: A notional taxable income is taken into account in working out the
company's taxable income under section 165- 65.

(4) If the company has a *notional taxable income for all periods in the
income year, this Subdivision has no further application, and the company's
taxable income for the income year is calculated in the usual way. Note: The
usual way of working out taxable income is set out in section 4-15.