Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 165.80

(1) This section applies if at any time during a period the company is a
partner in a partnership that has an income year that starts and ends when the
company's income year starts and ends.

(2) The partnership's notional loss or notional net income for the period is
calculated in the same way as the *notional loss or

*notional taxable income of a company.

(3) 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; by
. 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.