Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

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History

Part 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Division 716 - Miscellaneous special rules  

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History

Div 716 inserted by No 117 of 2002, s 3 and Sch 1 item 3, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Subdivision 716-A - Assessable income and deductions spread over several membership or non-membership periods  

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History

Subdiv 716-A inserted by No 117 of 2002, s 3 and Sch 1 item 3, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Assessable income and deductions arising from share of net income of a partnership or trust, or from share of partnership loss

SECTION 716-95   Special rule if not all partnership or trust's assessable income or deductions taken into account in working out amount  

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716-95(1)    
To the extent that the assessable income of the partnership or trust for the income year was not taken into account in working out the amount referred to in section 716-75 , it is disregarded in applying paragraph 716-80(1)(a) or subsection 716-85(1) .

Note:

For example, if a trust's net income for an income year must be worked out under section 268-45 in Schedule 2F to the Income Tax Assessment Act 1936 , the trust's assessable income attributed to a period (in the income year) for which it has a notional loss under section 268-30 of that Act is not taken into account.

716-95(2)    
To the extent that the deductions of the partnership or trust for the income year were not taken into account in working out the amount referred to in section 716-75 , they are disregarded in applying paragraph 716-80(1)(b) or subsection 716-85(2) .

Note:

For example, in the case described in the note to subsection (1) of this section, the trust's deductions attributed to that period are not taken into account in working out the trust's net income for the income year.

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History

S 716-95 inserted by No 117 of 2002, s 3 and Sch 1 item 3, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

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