Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_4:p14
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 14/20)
Character Range: 152490–155155

on the unpaid amount.

45‑240  Commissioner may remit general interest charge

  The Commissioner may, if he or she is satisfied that because special circumstances exist it would be fair and reasonable to do so, remit the whole or any part of any *general interest charge payable under subsection 45‑230(2) or subsection 45‑235(2) or (3).

Subdivision 45‑H—Partnership income­

45‑260  Instalment income for a period in which you are in a partnership

 (1) Your instalment income for a period (the current period) includes an amount for each partnership in which you are a partner at any time during the current period. The amount is worked out using the formula:

 (2) For the purposes of the formula in subsection (1):

your assessable income from the partnership for the last income year means so much of your individual interest in the partnership's net income for an income year as was included by section 92 of the Income Tax Assessment Act 1936 in your assessable income for the most recent income year:
 (a) that ended before the start of the current period; and
 (b) for which you have an assessment, or for which the Commissioner has notified you that you do not have a taxable income.

 (3) However, if for any reason the component defined in subsection (2) does not exist or is a nil amount, or the partnership had no *instalment income for that income year, your instalment income for the current period includes, for that partnership, an amount that is fair and reasonable having regard to:
 (a) the extent of your interest in the partnership during the current period; and
 (b) the partnership's *instalment income for the current period; and
 (c) any other relevant circumstances.

Subdivision 45‑I—Trust income

Table of sections

Instalment income of trust beneficiary

45‑280 Instalment income for a period in which you are a beneficiary of a trust

Application of Part to trustees

45‑300 Trustees to whom this Part applies

Instalment income of trust beneficiary

45‑280  Instalment income for a period in which you are a beneficiary of a trust

 (1) Your instalment income for a period (the current period) includes an amount for each trust of which you are a beneficiary at any time during the current period. The amount is worked out using the formula:

 (2) For the purposes of the formula in subsection (1):

your assessable income from the trust for the last income year means so much of a share of the net income of the trust for an income year as was included by Division 6 of Part III of the Income Tax Assessment Act 1936 in your assessable income for the most recent income year:
 (a) that ended before the start of the current