Document ID: chunk:federal_register_of_legislation:C2024A00023:clause:2_29:p8
Version: federal_register_of_legislation:C2024A00023
Segment Type: clause
Provision Reference: sch 2 cl 29 (pt 8/15)
Character Range: 34859–37530

entity for the purposes of subsection (1), if the entity is a member of an *AMIT, and is an *associate entity of the AMIT:
 (a) disregard the operation of Division 276 in relation to the AMIT; and
 (b) disregard distributions from the AMIT to the entity.

Partnerships
 (7) If the entity is a partnership:
 (a) treat the reference in subsection (1) to the entity's taxable income as being a reference to the *net income of the entity; and
 (b) treat the reference in subsection (1) to the entity's *net debt deductions as being a reference to the entity's net debt deductions taken into account in working out that net income.
 (c) treat the reference in subsection (1) to the entity's deductions as being a reference to the entity's deductions taken into account in working out that net income; and
 (d) treat the references in subsection (1) to the entity's assessable income as being a reference to the entity's assessable income taken into account in working out that net income.

Partners in partnerships
 (8) In working out the taxable income or *tax loss of an entity for the purposes of subsection (1), if the entity is a partner in a partnership, and is an *associate entity of the partnership, disregard the operation of Division 5 of Part III of the Income Tax Assessment Act 1936.

Associate entity test—TC control interest of 10% or more
 (9) For the purposes of subsections (3), (6), (6B) and (8), in determining whether an entity is an associate entity of another entity:
 (aa) disregard the requirement in subsections 820‑905(1) and (2A) that the entity is an *associate of the other entity, unless only paragraph 820‑905(1)(b) applies; and
 (a) treat the references in paragraphs 820‑905(1)(a) and 820‑905(2A)(a) to "an *associate interest of 50% or more" as instead being a reference to "a *TC control interest of 10% or more"; and
 (b) treat subsection 820‑860(3) as applying for the purposes of determining whether the entity is an associate entity of the other entity (as a result of paragraph (a) of this subsection); and
 (c) treat the purposes mentioned in subparagraphs 820‑870(1)(b)(i) and (ii) as including the purposes of determining whether the entity is an associate entity of the other entity (as a result of paragraph (a) of this subsection).

Notional deductions of R&D entities
 (10) In working out the taxable income or *tax loss of an entity for the purposes of subsection (1), if the entity is an *R&D entity that is entitled to a notional deduction for an income year under Division 355 in relation to *R&D activities of the R&D entity, subtract an amount equivalent to the amount of the notional deduction.

820‑53  Meaning of group