Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 165.75

  (1)   This section applies if at any time during a period the company was a partner in one or more partnerships.

  (2)   The company has a * notional loss for the period if the total (the loss total ) of:

  (a)   the deductions attributed to the period under section   165 - 55; and

  (b)   the * company's share of each * notional loss (if any) of a partnership for the period;

exceeds the total (the income total ) of:

  (c)   the assessable income attributed to the period under section   165 - 60; and

  (d)   the * company's share of each * notional net income (if any) of a partnership for the period.

The notional loss is the amount of the excess.

Note:   A notional loss is taken into account in working out the company's tax loss under section   165 - 70.

  (3)   On the other hand, if the income total exceeds the loss total, the company has a notional taxable income for the period, equal to the excess.

Note:   A notional taxable income is taken into account in working out the company's taxable income under section   165 - 65.

  (4)   If the company has a * notional taxable income for all periods in the income year, this Subdivision has no further application, and the company's taxable income for the income year is calculated in the usual way.

Note:   The usual way of working out taxable income is set out in section   4 - 15.