Income Tax Assessment Act 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

Division 268 - How to work out a trust ' s net income and tax loss for the income year  

Subdivision 268-D - Rules that supplement Subdivision 268-C if the trust is in partnership  

SECTION 268-80   HOW TO CALCULATE THE TRUST ' S SHARE OF A PARTNERSHIP ' S NOTIONAL LOSS OR NOTIONAL NET INCOME FOR A PERIOD IF THE ENTITIES HAVE DIFFERENT INCOME YEARS  

268-80(1)    

This section applies if at any time during a period the trust is a partner in a partnership that has an income year that begins and ends at a different time from when the trust ' s income year begins and ends.

268-80(2)    
So much of the partnership ' s net income or partnership loss of an income year as was derived during the period is a notional net income or notional loss of the partnership for the period. (For the purposes of this subsection, the partnership ' s net income or partnership loss is calculated without taking account of the partnership ' s full year deductions for that income year.)

Note:

The partnership ' s full year deductions are dealt with in section 268-85 .

268-80(3)    
The trust ' s share is calculated by dividing:

(a) the trust ' s interest in the partnership ' s net income or partnership loss of the income year;

by:

(b) the amount of that net income or partnership loss;

and expressing the result as a percentage.