Former s 124ZAP repealed by No 164 of 2007, s 3 and Sch 10 item 41, effective 1 July 2010. S 124ZAP formerly read:
SECTION 124ZAP SPECIAL PROVISIONS RELATING TO PARTNERSHIPS
124ZAP(1)
This Division does not apply in calculating the net income of a partnership, or a partnership loss, in accordance with section
90
.
124ZAP(2)
For the purposes of the application of Subdivision B in relation to a taxpayer being a partner in a partnership, where, under a contract entered into on or after 1 October 1980, the partnership has expended capital moneys in producing, or by way of contribution to the cost of producing, a film, the taxpayer shall be deemed to have expended capital moneys in producing, or by way of contribution to the cost of producing, that film, of an amount equal to:
(a)
so much of the amount of the moneys expended as the partners have agreed is to be borne by the taxpayer; or
(b)
if the partners have not agreed as to the part of the moneys expended that is to be borne by the taxpayer
-
so much of the amount of the moneys expended as bears to that 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 moneys were expended 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.
124ZAP(3)
Sections
124ZAG
,
124ZAH
,
124ZAJ
and
124ZAK
apply, for the purposes of subsection (2), in determining whether a partnership has expended capital moneys in producing, or by way of contribution to the cost of producing, a film and in determining the amount of any such moneys.
124ZAP(4)
Where a partnership has incurred expenditure in a year of income in respect of which a deduction is not allowable to the partnership in calculating the net income of the partnership for the purposes of section
90
but would be allowable but for subsections
26AG(9) and (10)
, a taxpayer being a partner in the partnership shall be deemed, for the purposes of this Act, to have incurred, at the time when that expenditure was incurred by the partnership:
(a)
so much of the amount of that expenditure as the partners have agreed is to be borne by the taxpayer; or
(b)
if the partners have not agreed as to the part of the expenditure that is to be borne by the taxpayer
-
so much of that amount of the expenditure as bears to that 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 expenditure was incurred 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.
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