Document ID: chunk:federal_register_of_legislation:C2025C00014:section:92:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 92 (pt 2/2)
Character Range: 592916–594417

income, the amount allowable to the partner for a partnership loss cannot exceed $30,000.
 (2A) Subsection (2) does not apply to a partnership loss if the partner's interest in the partnership at the end of the year of income is:
 (a) a segregated exempt asset (as defined in the Income Tax Assessment Act 1997) of a life assurance company; or
 (b) a segregated current pension asset (as defined in the Income Tax Assessment Act 1997) of a complying superannuation fund.
 (3) The exempt income of a partner in a partnership shall include:
 (a) so much of the individual interest of the partner in the exempt income of the partnership of the year of income as is attributable to a period when the partner was a resident; and
 (b) so much of the individual interest of the partner in the exempt income of the partnership of the year of income as is attributable to a period when the partner was not a resident and is also attributable to sources in Australia.
 (4) The non‑assessable non‑exempt income of a partner in a partnership shall include:
 (a) so much of the individual interest of the partner in the non‑assessable non‑exempt income of the partnership of the year of income as is attributable to a period when the partner was a resident; and
 (b) so much of the individual interest of the partner in the non‑assessable non‑exempt income of the partnership of the year of income as is attributable to a period when the partner was not a resident and is also attributable to sources in Australia.