Income Tax Assessment Act 1997
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Hide history noteSECTION 122-145 Rules for working out what a liability in respect of an interest in an asset is 122-145(1)
These rules are relevant to working out what are the liabilities in respect of a partner's interests in an asset.
122-145(2)
A liability incurred for the purposes of a *business that is not a liability in respect of interests in a specific asset or assets of the business is taken to be a liability in respect of the partner's interests in all the assets of the business.
Note:
An example is a bank overdraft.
122-145(3)
If a liability is in respect of both:
(a) the partner's interests in one or more assets that the partner *acquired on or after 20 September 1985; and
(b) the partner's interests in one or more assets that the partner acquired before that day;
the proportion of the liability that is in respect of the partner's interests that the partner acquired on or after that day is equal to:
| The *market value of the partner's interest
that the partner *acquired on or after that day The total of the market values of all the partner's interest in assets that the liability is in respect of |
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