Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-10 - PAY AS YOU GO (PAYG) INSTALMENTS  

Division 45 - Instalment payments  

Subdivision 45-H - Partnership income  

SECTION 45-260   INSTALMENT INCOME FOR A PERIOD IN WHICH YOU ARE IN A PARTNERSHIP  

45-260(1)    
Your instalment income for a period (the current period ) includes an amount for each partnership in which you are a partner at any time during the current period. The amount is worked out using the formula:

Your assessable income from     the partnership for the last income year Partnership ' s *instalment income   for that income year

×

Partnership ' s   *instalment income for the current period

45-260(2)    
For the purposes of the formula in subsection (1):

your assessable income from the partnership for the last income year
means so much of your individual interest in the partnership ' s net income for an income year as was included by section 92 of the Income Tax Assessment Act 1936 in your assessable income for the most recent income year:

(a) that ended before the start of the current period; and

(b) for which you have an assessment, or for which the Commissioner has notified you that you do not have a taxable income.

45-260(3)    
However, if for any reason the component defined in subsection (2) does not exist or is a nil amount, or the partnership had no *instalment income for that income year, your instalment income for the current period includes, for that partnership, an amount that is fair and reasonable having regard to:

(a) the extent of your interest in the partnership during the current period; and

(b) the partnership ' s *instalment income for the current period; and

(c) any other relevant circumstances.

Exception for corporate limited partnerships

45-260(4)    

Your instalment income for the current period does not include an amount for a partnership that is a *corporate limited partnership for the income year that is or includes that period.

Note:

Your instalment income will still include a distribution by the partnership that is ordinary income. See section 45-120 .