Income Tax Assessment Act 1936
In this Division:
exempt income
, in relation to a partnership, means the exempt income of the partnership calculated as if the partnership were a taxpayer who was a resident.
net income
, in relation to a partnership, means the assessable income of the partnership, calculated as if the partnership were a taxpayer who was a resident, less all allowable deductions except deductions allowable under section
290-150
or Division
36
of the
Income Tax Assessment Act 1997
.
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non-assessable non-exempt income
, in relation to a partnership, means the non-assessable non-exempt income of the partnership calculated as if the partnership were a taxpayer who was a resident.
partnership loss
, in relation to a partnership, means the excess (if any) of the allowable deductions, other than deductions allowable under section
290-150
or Division
36
of the
Income Tax Assessment Act 1997
, over the assessable income of the partnership calculated as if the partnership were a taxpayer who was a resident.
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