Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p8
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 8/10)
Character Range: 771196–773793

artistic work; or
Note: The expression "author" is a technical term from copyright law.  In general, the "author" of a musical work is its composer and the "author" of an artistic work is the artist, sculptor or photographer who created it.
 (b) a *performing artist; or
 (c) a *production associate.

35‑15  Modification if you have exempt income
 (1) The rule in subsection 35‑10(2) may be modified for an income year if you *derived *exempt income in that year.
 (2) Any amount to which paragraph 35‑10(2)(b) would otherwise apply for an income year for you is reduced by your *net exempt income for that year (after *utilising the net exempt income under section 36‑10 or 36‑15 (about tax losses)). This reduction is made before you apply the paragraph 35‑10(2)(b) amount against assessable income from the *business activity.

35‑20  Modification if you become bankrupt
 (1) The rule in subsection 35‑10(2) or (2A) is modified as set out in subsection (3) for an income year if in that year (the current year) you become bankrupt or are released from a debt by the operation of an Act relating to bankruptcy.
 (2) The rule is also modified as set out in subsection (3) if:
 (a) you became bankrupt before the current year; and
 (b) the bankruptcy is annulled in the current year under section 74 of the Bankruptcy Act 1966 because your creditors have accepted a proposal for a composition or scheme of arrangement; and
 (c) under the composition or scheme of arrangement, you have been, will be or may be released from some or all of the debts from which you would have been released if you had instead been discharged from the bankruptcy.
 (3) This Act applies to you as if any amount that:
 (a) paragraph 35‑10(2)(b) had applied to for an income year before the current year for you; and
 (b) you have not yet deducted;
were not an amount attributable to the *business activity that you can deduct for the current year or a later income year.

35‑25  Application of Division to certain partnerships
  For the purpose of applying the tests in sections 35‑30, 35‑40 and 35‑45 where you carry on a *business activity in an income year as a partner, ignore:
 (a) any part of the assessable income from the business activity for the year that is attributable to the interest of a partner that is not an individual in the partnership net income or partnership loss for the 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