Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 842.245

    A partnership's pre - 2012 non - IMR partnership net income or pre - 2012 non - IMR partnership loss in relation to an income year is determined by calculating the net income or partnership loss of the partnership as follows:

  (a)   disregard the pre - 2012 IMR income and pre - 2012 IMR deduction of the partnership for the income year;

  (b)   disregard any amount included in the partnership's assessable income under subsection   207 - 35(1) to the extent that the amount is attributable to pre - 2012 IMR income of the partnership for the income year;

  (c)   if the partnership is a beneficiary of a trust--then:

  (i)   for the purposes of applying Division   6 of Part   III of the Income Tax Assessment Act 1936 to the beneficiary, replace the references in that Division to share of the net income with references to share of the pre - 2012 non - IMR net income (within the meaning of subsection   842 - 240(1) of the Income Tax (Transitional Provisions) Act 1997 ); and

  (ii)   for the purposes of applying Division   6E of Part   III of the Income Tax Assessment Act 1936 to the beneficiary, replace references in that Division to Division   6E net income with references to pre - 2012 non - IMR Division   6E net income (within the meaning of subsection   842 - 240(1) of the Income Tax (Transitional Provisions) Act 1997 );

  (d)   if the partnership is a partner in another partnership--for the purposes of applying Division   5 of Part   III of the Income Tax Assessment Act 1936 to the partner, replace the references in that Division to the individual interest of the partner in the partnership net income or partnership loss with references to the individual interest of the partner in the pre - 2012 non - IMR partnership net income or pre - 2012 non - IMR partnership loss (within the meaning of subsection   842 - 240(1) of the Income Tax (Transitional Provisions) Act 1997 ).

Note:   The net income of a partnership may include a share of the net income of another partnership. Where there is a chain of partnerships, these calculations are applied to each partnership in the chain.

Table of sections

880 - 1   Application of Division   880 of the Income Tax Assessment Act 1997

880 - 5   Certain income of sovereign entity in respect of a scheme is non - assessable non - exempt income if covered by a private ruling

880 - 10   Certain amounts of sovereign entity in respect of a scheme are not deductible if covered by a private ruling

880 - 15   Sovereign entity's capital gain from membership interest etc.--gain disregarded

880 - 20   Sovereign entity's capital loss from membership interest etc.--loss disregarded

880 - 25   Asset of sovereign entity--deemed sale and purchase