Income Tax Assessment Act 1997
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Hide history noteSECTION 713-215 Terminating value for partnership cost setting interest 713-215(1)
This section modifies the way in which the * terminating value of a * partnership cost setting interest in a partnership is worked out under section 705-30 .
713-215(2)
For the purposes of this Subdivision, the * terminating value of the * partnership cost setting interest at a time is:
(a) if the interest relates to an asset of the partnership - the interest's individual share of the terminating value of that asset (worked out in accordance with subsection (3)) at that time; or
(b) otherwise - the terminating value of the interest at that time worked out under section 705-30 .
713-215(3)
To work out the amount of the * terminating value of the asset of the partnership mentioned in paragraph (2)(a), apply section 705-30 as if:
(a) the time mentioned in subsection (2) were the joining time mentioned in that section; and
(b) the partnership were, at the time mentioned in subsection (2), the joining entity mentioned in that section.
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