Document ID: chunk:federal_register_of_legislation:C2025C00014:schedule:2f:p29
Version: federal_register_of_legislation:C2025C00014
Segment Type: schedule
Provision Reference: sch 2F (pt 29/79)
Character Range: 2277599–2280090

(which is about deductions) of the Income Tax Assessment Act 1997 because Subdivision H (Period of deductibility of certain advance expenditure) of Division 3 of Part III applies to the trust in relation to the income year;
exceed the total of:
 (d) the notional net incomes (if any); and
To work out the notional net income: see sections 268‑30 and 268‑70.
 (e) the full year amounts referred to in section 268‑40 (if any).
 (4) If the trust derived exempt income, subtract its net exempt income as defined in section 36‑20 of the Income Tax Assessment Act 1997.
 (5) Any amount remaining is the trust's tax loss for the income year.
To find out how much of the tax loss can be deducted in later income years, see Division 266 or 267.
To find out how to deduct it, see section 36‑15 or 36‑17 of the Income Tax Assessment Act 1997.

Subdivision 268‑D—Rules that supplement Subdivision 268‑C if the trust is in partnership

268‑70  How to calculate the trust's notional loss or net income for a period when the trust was a partner
 (1) This section applies if at any time during a period the trust was a partner in one or more partnerships.
 (2) The trust has a notional loss for the period if the total (the loss total) of:
 (a) the deductions attributed to the period under section 268‑35; and
 (b) the trust's share of each notional loss (if any) of a partnership for the period;
exceeds the total (the income total) of:
 (c) the assessable income attributed to the period under section 268‑40; and
 (d) the trust's share of each notional net income (if any) of a partnership for the period.
The notional loss is the amount of the excess.
Note: A notional loss is taken into account in working out the trust's tax loss under section 268‑60.
 (3) On the other hand, if the income total exceeds the loss total, the trust has a notional net income for the period, equal to the excess.
Note: A notional net income is taken into account in working out the trust's net income under section 268‑45.
 (4) If the trust has a notional net income for all periods in the income year, this Subdivision has no further application, and the trust's net income for the income year is worked out in the usual way.
The usual way of working out net income is set out in section 95.

268‑75  How to calculate the trust's share of a partnership's notional loss or notional net income for a period if both entities have the same income year
 (1) This section applies if at any time during a period the trust is a