INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART XII - DROUGHT INVESTMENT ALLOWANCE  

Division 6 - Special provisions about leasing companies  

Subdivision A - Partnerships  

SECTION 663   LOSS OF PARTNER DEDUCTION WHERE DISPOSAL BY PARTNER WITHIN 12 MONTHS  

663(1)   [Application]  

Subject to subsection (2), if:

(a) as a result of section 661 , a partner is entitled to a deduction; and

(b) less than 12 months after the lessee of the item of drought mitigation property first uses the item or installs it ready for use, the partner disposes of the whole or part of the partner's interest in the partnership, or in the item, other than to the lessee;

the partner is not entitled to the deduction.

663(2)   Commissioner may determine that entitlement not wholly lost.  

If the Commissioner determines that the partner should not lose the entitlement to the whole or part of the deduction, subsection (1) does not apply to the whole or the part.