Requirement to lodge a return for the year of income ended 30 June 2017 under the Income Tax Assessment Act 1936, the Income Tax Assessment Act 1997, the Income Tax (Transitional Provisions) Act 1997, the Taxation Administration Act 1953, the Superannuation Industry (Supervision) Act 1993, the Higher Education Support Act 2003 and the Trade Support Loans Act 2014
Table KTable K
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Turn the raw legal text into a practical explanation grounded in Requirement to lodge a return for the year of income ended 30 June 2017 under the Income Tax Assessment Act 1936, the Income Tax Assessment Act 1997, the Income Tax (Transitional Provisions) Act 1997, the Taxation Administration Act 1953, the Superannuation Industry (Supervision) Act 1993, the Higher Education Support Act 2003 and the Trade Support Loans Act 2014.
Table K
A partnership return required under this instrument, including for a ‘foreign hybrid’ treated as a partnership by Division 830 of the Income Tax Assessment Act 1997, is to be lodged by the partners resident in Australia or by any of them who satisfy the conditions set out below (other than a partner described in Table Q):
a) if all those partners have equal individual interests in the net income, or partnership loss, of the partnership in the year of income, as the case may be – by any one of those partners;
b) if 2 or more of those partners have equal individual interests in the net income, or partnership loss, of the partnership in the year of income, as the case may be, and those interests are greater than the individual interest of any other of those partners in that net income or partnership loss – by any one of the first-mentioned partners; or
c) if paragraph (a) or (b) does not apply – by whichever of those partners has the greater or greatest individual interest in the net income, or partnership loss, of the partnership in the year of income, as the case may be.
If there is no partner resident in Australia, the return is to be lodged by the partnership’s agent in Australia.