Document ID: chunk:federal_register_of_legislation:C2021C00098:clause:1_7
Version: federal_register_of_legislation:C2021C00098
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 10094–11083

7  After subsection 355‑325(4)
Insert:

Amount to be included in assessable income may be reduced if notional deductions exceeded $100 million
 (4A) For the purposes of subsection (4), the partner may choose to reduce the adjusted section 40‑285 amount in that subsection if:
 (a) subsection 355‑100(3) of the Income Tax Assessment Act 1997 applied to the partner for an earlier income year or the event year (the excess year); and
 (b) the partner's deductions for the excess year included deductions covered by paragraph (1)(c) of this section for the asset.
 (4B) Subsection 355‑720(3) of the Income Tax Assessment Act 1997 applies to the partner as if a reduction under subsection (2) of that section for the present year included a reduction under subsection (4A) of this section for the event year.
 (4C) The way the partner prepares its income tax returns is sufficient evidence of the making of a choice under subsection (4A).
 (4D) A choice under subsection (4A) is irrevocable.