Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if at any time during a period the company is a partner in a partnership that has an income year that starts and ends when the company's income year starts and ends.
(2) The partnership's notional loss or notional net income for the period is calculated in the same way as the * notional loss or * notional taxable income of a company.
(3) The company's share is calculated by dividing:
• the company's interest in the partnership's net income or partnership loss of the income year;
by
• the amount of that net income or partnership loss;
and expressing the result as a percentage.
(4) However, if the partnership had neither a net income nor a partnership loss, the company's share is a percentage that is fair and reasonable having regard to the extent of the company's interest in the partnership.