INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 1AA - Reportable payments system (RPS)  

Subdivision L - Tax credits for deductions from reportable payments  

SECTION 220AZA  

220AZA   ENTITLEMENT TO CREDIT - PAYEE A PARTNERSHIP  
If:

(a) any deductions have been made under this Division from reportable payments made in a year of income to a partnership; and

(b) the return of income of the partnership for the year of income has been lodged with the Commissioner; and

(c) an assessment has been made of the tax payable, or the Commissioner is satisfied that no tax is payable, in relation to the year of income by a partner in the partnership whose individual interest in the net income or partnership loss of the partnership is wholly or partly attributable to the reportable payments;

the partner is entitled to a credit worked out using the formula:

Deductions

×

Individual interest                     Net income/partnership loss

where:

`` Deductions '' means the sum of the deductions;

`` Individual interest '' means so much of the individual interest as is attributable to the reportable payments;

`` Net income/partnership loss '' means so much of the net income or partnership loss as is attributable to the reportable payments.