Taxation Administration Act 1953

Your instalment income for a period (the current period) includes an amount for each partnership in which you are a partner at any time during the current period. The amount is worked out using the formula:

For the purposes of the formula in subsection (1):

that ended before the start of the current period; and

for which you have an assessment, or for which the Commissioner has notified you that you do not have a taxable income.

However, if for any reason the component defined in subsection (2) does not exist or is a nil amount, or the partnership had no *instalment income for that income year, your instalment income for the current period includes, for that partnership, an amount that is fair and reasonable having regard to:

the extent of your interest in the partnership during the current period; and

the partnership’s *instalment income for the current period; and

any other relevant circumstances.

Your instalment income for the current period does not include an amount for a partnership that is a *corporate limited partnership for the income year that is or includes that period.

Your instalment income will still include a distribution by the partnership that is ordinary income. See section 45‑120.