Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 118.445

Meaning of committed capital

             (1)  A partner's committed capital in a partnership is the sum of the amounts that the partner may, under the partnership agreement establishing the partnership, become obliged to contribute to the partnership.

             (2)  It does not matter whether:

                     (a)  the partner contributes all of those amounts; or

                     (b)  any amounts contributed are subsequently returned to the partner; or

                     (c)  the contributions give rise to * equity interests or * debt interests in the partnership, or both.

             (3)  A partnership's committed capital is the sum of the committed capital of all of the partnership's partners.



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