Income Tax Assessment Act 1997
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Hide history noteSECTION 360-55 Modified CGT treatment - partnerships 360-55(1)
The purpose of this section is to ensure that the modifications made by section 360-50 apply to each partner in a partnership in a case where the partnership is the entity that is issued with the *share mentioned in subsection 360-50(1) .
360-55(2)
In such a case, subsections 360-50(2) to (4) apply as if:
(a) the first reference in those subsections to the entity were a reference to each partner in the partnership; and
(b) the first reference in those subsections to the *share were a reference to the partner ' s interest in the share.
Note:
The references to the entity and the share in the paragraphs of subsections 360-50(3) and (4) continue to apply unchanged.
360-55(3)
In such a case, treat subsection 360-50(5) as if it read as follows:
If the partnership has continuously held the *share since its issue, on the tenth anniversary of its issue:
(a) the *first element of the *cost base for a partner ' s interest in the share becomes so much of the share ' s *market value on that anniversary as is calculated by reference to the partnership agreement, or partnership law if there is no agreement; and (b) the *first element of the *reduced cost base is worked out similarly.
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