Document ID: chunk:federal_register_of_legislation:C2024C00267:section:4:p25
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 4 (pt 25/64)
Character Range: 764889–767696

income under subsection 207‑35(1) to the extent that the amount is attributable to pre‑2012 IMR income of the partnership for the income year;
 (c) if the partnership is a beneficiary of a trust—then:
 (i) for the purposes of applying Division 6 of Part III of the Income Tax Assessment Act 1936 to the beneficiary, replace the references in that Division to share of the net income with references to share of the pre‑2012 non‑IMR net income (within the meaning of subsection 842‑240(1) of the Income Tax (Transitional Provisions) Act 1997); and
 (ii) for the purposes of applying Division 6E of Part III of the Income Tax Assessment Act 1936 to the beneficiary, replace references in that Division to Division 6E net income with references to pre‑2012 non‑IMR Division 6E net income (within the meaning of subsection 842‑240(1) of the Income Tax (Transitional Provisions) Act 1997);
 (d) if the partnership is a partner in another partnership—for the purposes of applying Division 5 of Part III of the Income Tax Assessment Act 1936 to the partner, replace the references in that Division to the individual interest of the partner in the partnership net income or partnership loss with references to the individual interest of the partner in the pre‑2012 non‑IMR partnership net income or pre‑2012 non‑IMR partnership loss (within the meaning of subsection 842‑240(1) of the Income Tax (Transitional Provisions) Act 1997).
Note: The net income of a partnership may include a share of the net income of another partnership. Where there is a chain of partnerships, these calculations are applied to each partnership in the chain.

Division 880—Sovereign entities and activities

Table of sections
880‑1 Application of Division 880 of the Income Tax Assessment Act 1997
880‑5 Certain income of sovereign entity in respect of a scheme is non‑assessable non‑exempt income if covered by a private ruling
880‑10 Certain amounts of sovereign entity in respect of a scheme are not deductible if covered by a private ruling
880‑15 Sovereign entity's capital gain from membership interest etc.—gain disregarded
880‑20 Sovereign entity's capital loss from membership interest etc.—loss disregarded
880‑25 Asset of sovereign entity—deemed sale and purchase

880‑1  Application of Division 880 of the Income Tax Assessment Act 1997
  Division 880 of the Income Tax Assessment Act 1997 applies to the 2019‑20 income year and later income years.

880‑5  Certain income of sovereign entity in respect of a scheme is non‑assessable non‑exempt income if covered by a private ruling
  An amount of ordinary income or statutory income of a sovereign entity for an income year is not assessable income and is not exempt income if:
 (a) the amount is a return on an investment asset under a scheme; and
 (b) the sovereign entity