Document ID: chunk:federal_register_of_legislation:C2025C00014:section:51ad:p10
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 51AD (pt 10/10)
Character Range: 353754–356032

(which deduction or part of the deduction, as the case may be, is referred to in this subsection as the relevant deduction) would not have been taken into account for the purpose of that calculation if this section applied in relation to particular property acquired or constructed by the partnership;
 (d) this section does not apply in relation to the property by reason only that the property was acquired by the partnership under a contract entered into at or before the prescribed time or was constructed by the partnership, construction having commenced at or before that time;
 (e) the taxpayer became a partner in the partnership under a contract entered into by the taxpayer before the prescribed time; and
 (f) after the prescribed time, the taxpayer made or agreed to make a contribution or contributions (which contribution is or contributions are in this subsection referred to as the additional contribution) to the capital of the partnership in addition to any contribution or contributions to the capital of the partnership that, under a contract or contracts entered into at or before that time, the taxpayer had made or agreed to make; and
 (g) by reason of making or agreeing to make the additional contribution, the individual interest of the taxpayer in that net income or partnership loss, being that individual interest expressed as a fraction of the aggregate of the individual interests of the partners in that net income or partnership loss, is greater than it would otherwise have been;
there shall be included in the assessable income of the taxpayer of the relevant year of income an amount ascertained in accordance with the formula A (B – C), where:
A  is the amount of the relevant deduction.
B  is the individual interest of the taxpayer in that net income or partnership loss, being that individual interest expressed as a fraction of the aggregate of the individual interests of the partners in that net income or partnership loss; and
C  is the fraction that would be B if another partner, and not the taxpayer, had made or agreed to make the additional contribution.
 (21) For the purposes of determining if this section applies to property, the income of a prescribed excluded STB (within the meaning of Division 1AB) is taken to be exempt.