Taxation Administration Act 1953
View history note
Hide history noteNote: See section 3AA .
Chapter 2 - Collection, recovery and administration of income taxYour instalment income for a period (the current period ) includes an amount for each partnership in which you are a partner at any time during the current period. The amount is worked out using the formula:
| Your assessable income from
the partnership for the last income year Partnership ' s *instalment income for that income year |
× |
Partnership
'
s
*instalment income for the current period |
45-260(2)
For the purposes of the formula in subsection (1):
your assessable income from the partnership for the last income year
means so much of your individual interest in the partnership
'
s net income for an income year as was included by section
92
of the
Income Tax Assessment Act 1936
in your assessable income for the most recent income year:
(a) that ended before the start of the current period; and
(b) for which you have an assessment, or for which the Commissioner has notified you that you do not have a taxable income.
45-260(3)
However, if for any reason the component defined in subsection (2) does not exist or is a nil amount, or the partnership had no *instalment income for that income year, your instalment income for the current period includes, for that partnership, an amount that is fair and reasonable having regard to:
(a) the extent of your interest in the partnership during the current period; and
(b) the partnership ' s *instalment income for the current period; and
(c) any other relevant circumstances.
Exception for corporate limited partnerships
45-260(4)
Your instalment income for the current period does not include an amount for a partnership that is a *corporate limited partnership for the income year that is or includes that period.
Note:
Your instalment income will still include a distribution by the partnership that is ordinary income. See section 45-120 .
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