Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 90

    In this Division:

"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.