INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteIf:
(a) a partnership incurs expenditure in acquiring or constructing an item of drought mitigation property that it leases to any person (the lessee ); and
(b) any of the partners is a leasing company;
section 636 applies to any such partner as if the partner had incurred:
(c) if the partners have agreed that a proportion of the expenditure is to be borne by the partner - that proportion of the expenditure; or
(d) if not - a proportion of the deduction equal to the partner's partnership interest (see section 677 ) in the expenditure.
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