Document ID: chunk:federal_register_of_legislation:C2025C00029:section:1:p15
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 1 (pt 15/19)
Character Range: 6317392–6320001

tax position for a period when it is not a subsidiary member of any consolidated group.
Note 2: If throughout the income year the entity is not a subsidiary member of any consolidated group or MEC group, this section does not affect the amount referred to in section 716‑75 being assessable income of the entity for the income year.
 (2) For a part of the income year that is a non‑membership period for the purposes of section 701‑30, the entity can deduct the entity's share (worked out under section 716‑90) of each of these:
 (a) the total deductions of the partnership or trust for the income year so far as they are reasonably attributable to the non‑membership period;
 (b) a proportion (worked under subsection (3) of this section) of the total deductions of the partnership or trust for the income year so far as they are not reasonably attributable to a particular period within the income year.
Note: If throughout the income year the entity is not a subsidiary member of any consolidated group or MEC group, this section does not affect the entity's ability to deduct for the income year the amount referred to in section 716‑75.
 (3) The proportion is worked out by multiplying the amount concerned by:
• the number of days that are in both the non‑membership period and the *spreading period;
divided by:
• the number of days that are in the spreading period.

716‑90  Entity's share of assessable income or deductions of partnership or trust
 (1) If paragraph 716‑75(a) or (b) applies, the entity's share is worked out by dividing:
• the entity's individual interest as a partner in the net income of the partnership or in the partnership loss;
by:
• the amount of that net income or partnership loss;
and expressing the result as a percentage.
 (2) If paragraph 716‑75(c) or (d) applies, the entity's share is worked out by dividing:
• the share of the income of the trust to which the entity is presently entitled;
by:
• the amount of that income;
and expressing the result as a percentage.

716‑95  Special rule if not all partnership or trust's assessable income or deductions taken into account in working out amount
 (1) To the extent that the assessable income of the partnership or trust for the income year was not taken into account in working out the amount referred to in section 716‑75, it is disregarded in applying paragraph 716‑80(1)(a) or subsection 716‑85(1).
Note: For example, if a trust's net income for an income year must be worked out under section 268‑45 in Schedule 2F to the Income Tax Assessment Act 1936, the trust's assessable income attributed to a period (in the