Commonwealth Consolidated Acts Commonwealth Consolidated Acts"exempt income" , in relation to a partnership, means the exempt income of the partnership calculated as if the partnership were a taxpayer who was a resident.
"net income" , in relation to a partnership, means the assessable income of the partnership, calculated as if the partnership were a taxpayer who was a resident, less all allowable deductions except deductions allowable under section 290 - 150 or Division 36 of the Income Tax Assessment Act 1997 .
"non-assessable non-exempt income" , in relation to a partnership, means the non - assessable non - exempt income of the partnership calculated as if the partnership were a taxpayer who was a resident.
"partnership loss" , in relation to a partnership, means the excess (if any)
of the allowable deductions, other than deductions allowable under section
290 - 150 or Division 36 of the Income Tax Assessment Act 1997 ,
over the assessable income of the partnership calculated as if the partnership
were a taxpayer who was a resident.