Document ID: chunk:federal_register_of_legislation:C2025C00014:section:90
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 90
Character Range: 589372–590383

90  Interpretation
  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.