Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p9
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 9/10)
Character Range: 773570–776096

year; and
 (b) any part of the assessable income from the business activity for the year that is *derived from the activity by another partner otherwise than as a member of the partnership; and
 (c) any part of the *reduced cost bases or other values of assets of the partnership used in carrying on the activity in that year that is attributable to the interest of a partner that is not an individual in those assets; and
 (d) any part of the reduced cost bases or other values of assets owned or leased by another partner that are not partnership assets and used in carrying on the activity in that year.

35‑30  Assessable income test
  The rules in section 35‑10 do not apply to a *business activity for an income year if:
 (a) the amount of assessable income from the business activity for the year; or
 (b) you started to carry on the business activity, or stopped carrying it on, during the year—a reasonable estimate of what would have been the amount of that assessable income if you had carried on that activity throughout the year;
is at least $20,000.

35‑35  Profits test
 (1) The rules in section 35‑10 do not apply to a *business activity (except an activity carried on by one or more individuals as partners, whether or not some other entity is a member of the partnership) for an income year (the current year) if, for each of at least 3 of the past 5 income years (including the current year) the sum of the deductions attributable to that activity for that year (apart from the operation of subsections 35‑10(2) and (2C)) is less than the assessable income from the activity for that year.
 (2) For a *business activity you carried on with one or more others as partners, the rules in section 35‑10 do not apply to you for the current year if, for each of at least 3 of the past 5 income years (including the current year) the sum of your deductions (including your share of the partnership deductions) attributable to that activity for that year (apart from the operation of subsections 35‑10(2) and (2C)) is less than your assessable income (including your share of the partnership's assessable income) from the activity for that year.

35‑40  Real property test
 (1) The rules in section 35‑10 do not apply to a *business activity for an income year if the total *reduced cost bases of real property or interests in real property used on a continuing basis in carrying on the activity in that year is at least $500,000.
 (2) You may use the *market value of the real property or interest if that value is