Income Tax Assessment Act 1997
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Hide history noteSECTION 245-215 Unapplied total net forgiven amount of a partnership is transferred to partners 245-215(1)
This section applies if any part (the residual amount ) of the *total net forgiven amount in relation to a partnership in respect of the *forgiveness income year remains after the total net forgiven amount has been applied in accordance with Subdivision 245-E .
245-215(2)
If there is a *net income in relation to the partnership in respect of the *forgiveness income year:
(a) each partner is taken to have had a debt *forgiven during the forgiveness income year; and
(b) there is taken to be, in respect of the debt of each partner, a *net forgiven amount worked out in accordance with the following formula:
| Partner ' s share of net income | × | Residual amount |
| Net income |
where:
partner
'
s share of net income
means the part of the net income of the partnership for the forgiveness income year that is included in the partner
'
s assessable income.
245-215(3)
If there is a *partnership loss in relation to the partnership in respect of the *forgiveness income year:
(a) each partner is taken to have had a debt *forgiven during the forgiveness income year; and
(b) there is taken to be, in respect of the debt of each partner, a *net forgiven amount worked out in accordance with the following formula:
| Partner ' s share of partnership loss | × | Residual amount |
| Partnership loss |
where:
partner
'
s share of partnership loss
means the part of the partnership loss that the partner has deducted or can deduct.
245-215(4)
The *total net forgiven amount of a partner for the *forgiveness income year as worked out under subsection 245-105(1) includes the *net forgiven amount worked out in relation to the partner under this section.
245-215(5)
This section has effect in relation to a partnership irrespective of any agreement between the partners as to the operation of this section.
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