Document ID: chunk:federal_register_of_legislation:C2021C00098:clause:1_5
Version: federal_register_of_legislation:C2021C00098
Segment Type: clause
Provision Reference: sch 1 cl 5
Character Range: 4988–5893

5  At the end of section 355‑525
Add:

Amount to be included in assessable income may be reduced if notional deductions exceeded $100 million
 (4) For the purposes of subsection (3), the partner may choose to reduce the adjusted section 40‑285 amount in that subsection if:
 (a) subsection 355‑100(3) 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.
 (5) Subsection 355‑720(3) applies to the partner as if a reduction under subsection (2) of that section for the present year included a reduction under subsection (4) of this section for the event year.
 (6) The way the partner prepares its income tax returns is sufficient evidence of the making of a choice under subsection (4).
 (7) A choice under subsection (4) is irrevocable.