Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:2_32:p3
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 2 cl 32 (pt 3/4)
Character Range: 109963–112779

partner's individual share of the liability.

 (4) If:
 (a) according to *accounting standards, or statements of accounting concepts made by the Australian Accounting Standards Board, a thing (the partnership liability) is a liability of the partnership at the leaving time that can or must be recognised in the partnership's statement of financial position; and
 (b) for that reason, the partnership liability is not an accounting liability of the partner at the leaving time for the purposes of section 711‑45;
then section 711‑45 operates as if the partnership liability were an accounting liability of the partner at the leaving time, to the extent of the partner's individual share of the partnership liability.

713‑270  Partnership leaves group—certain partnership cost setting interests treated as having been acquired before 20 September 1985

 (1) This section applies if any of the assets of the partnership at the leaving time has a *pre‑CGT factor under section 713‑245.

 (2) Apply section 711‑65 (simple case where assets have a pre‑CGT factor) as if:
 (a) the *pre‑CGT factor were a pre‑CGT factor under section 705‑125; and
 (b) instead of applying to *membership interests in the partnership, section 711‑65 applied to *partnership cost setting interests that relate to the asset of the partnership; and
 (c) if the pre‑CGT factor for the asset is 1, the number of those partnership cost setting interests worked out under subsection (2) of that section were all of those partnership cost setting interests; and
 (d) if the pre‑CGT factor for the asset is less than 1, each partnership cost setting interest (the actual interest) consisted of 2 separate partnership cost setting interests that relate to the asset, as follows:
 (i) one partnership cost setting interest, comprised of the fraction of the actual interest that equals the pre‑CGT factor, with a pre‑CGT factor of 1 for the purposes of paragraph (c) of this subsection;
 (ii) the other partnership cost setting interest, equal to the remainder of the actual interest, that is not one of the number of partnership cost setting interests that is worked out under subsection (2) of that section.

 (3) Apply section 711‑70 (multiple exit case where assets have a pre‑CGT factor) as if:
 (a) a reference in that section to *membership interests in an entity, where that entity is the partnership, were a reference to *partnership cost setting interests that relate to the assets of the partnership; and
 (b) the requirement in subsection (4) of that section to apply subsections 711‑65(3) to (6) in relation to a particular entity were, where the entity is the partnership, a requirement to apply subsection (2) of this section.

Part 6—Cost base and reduced cost base for allocable cost amount purposes

Income Tax Assessment Act 1997