S 124KA repealed by No 164 of 2007, s 3 and Sch 10 item 41, effective 1 July 2010. S 124KA formerly read:
SECTION 124KA APPLICATION OF DIVISION WHERE DEDUCTION ALLOWABLE UNDER FORMER SECTION 124ZAF OR SECTION 124ZAFA
124KA(1)
Where:
(a)
a partnership has expended capital moneys in producing, or by way of contribution to the cost of producing, a film;
(b)
by virtue of the expenditure of those moneys by the partnership, a deduction has been allowed, or is allowable, under former section 124ZAF or section
124ZAFA
to a taxpayer being a partner in the partnership,
the following provisions have effect:
(c)
for the purposes of this Division other than this section, the partnership shall not be taken to have incurred any expenditure of a capital nature directly in relation to producing the film; and
(d)
where an amount (in this paragraph referred to as the
relevant amount
) of moneys expended by the partnership under a contract (in this subsection referred to as the
relevant contract
):
(i)
is taken, for the purposes of subsection
124ZAP(2)
, to have been expended by the partnership in producing, or by way of contribution to the cost of producing, the film; or
(ii)
would be taken, for the purposes of that subsection, to have been expended by the partnership in producing, or by way of contribution to the cost of producing, the film if that subsection and Subdivision B of Division
10BA
extended to the expenditure of moneys under contracts entered into before 1 October 1980,
a taxpayer, being a partner in the partnership, shall, subject to subsection
124K(2)
, be taken for the purposes of this Division to have expended capital moneys in producing the film of an amount equal to:
(iii)
so much of the relevant amount as the partners have agreed is to be borne by the taxpayer; or
(iv)
if the partners have not agreed as to the part of the relevant amount that is to be borne by the taxpayer
-
so much of the relevant amount as bears to the relevant amount the same proportion as the individual interest of the taxpayer in the net income of the partnership of the year of income in which the relevant amount was expended by the partnership bears to that net income or, as the case requires, the individual interest of the taxpayer in the partnership loss for that year of income bears to that partnership loss,
and the amount deemed to be expended by the taxpayer shall be deemed to have been expended under a contract entered into at the time when the relevant contract was entered into by the partnership.
History
S 124KA(1) amended by
No 101 of 2006
, s 3 and Sch 2 item 311, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the
CCH Australian Income Tax Legislation archive
.
S 124KA(1) amended by No 14 of 1983.
124KA(2)
In this section, a reference to the expenditure of capital moneys is a reference to the expenditure of moneys that is expenditure of a capital nature.
S 124KA inserted by No 111 of 1981.
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