Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 713 - Rules for particular kinds of entities  

Subdivision 713-E - Partnerships  

Partnership cost setting interests etc.

SECTION 713-215   Terminating value for partnership cost setting interest  

713-215(1)    
This section modifies the way in which the ^* terminating value of a ^* partnership cost setting interest in a partnership is worked out under section 705-30 .

713-215(2)    
For the purposes of this Subdivision, the ^* terminating value of the ^* partnership cost setting interest at a time is:

(a) if the interest relates to an asset of the partnership - the interest's individual share of the terminating value of that asset (worked out in accordance with subsection (3)) at that time; or

(b) otherwise - the terminating value of the interest at that time worked out under section 705-30 .

713-215(3)    
To work out the amount of the ^* terminating value of the asset of the partnership mentioned in paragraph (2)(a), apply section 705-30 as if:

(a) the time mentioned in subsection (2) were the joining time mentioned in that section; and

(b) the partnership were, at the time mentioned in subsection (2), the joining entity mentioned in that section.