INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
[ Subdiv G of Div 3, comprising s 82KZC-82KZJ, inserted by No 46 of 1986.]
Section 82KZE does not apply in relation to a taxpayer being a partnership but, where the rental property loan interest of the partnership in relation to a year of income exceeds the sum of:
(a) the amount (if any) of the deduction allowable to the partnership under section 51 in relation to the year of income in respect of that rental property loan interest; and
(b) the amount (if any) by which a capital gain or capital gains that, but for subsection 160ZA(1) , would be deemed by Part IIIA to have accrued to the partnership in respect of the disposal of a prescribed asset or prescribed assets (within the meaning of section 160ZA ) during the year of income is reduced by virtue of subsection 160ZA(1) ,
each partner in the partnership shall be deemed, for the purposes of section 51 , this Subdivision and Part IIIA , to have incurred:
(c) in a case where the year of income is the transitional year of income - in that year of income and immediately after the commencement date; and
(d) in any other case - at the beginning of the year of income,
in gaining or producing assessable income, rental property loan interest equal to the partner's portion of the excess.
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