Section 121EE — Income Tax Assessment Act 1936: Definitions relating to assessable income of an OBU

Purpose of section (1) This section sets out certain definitions used in this Division that relate to the assessable income of an OBU of a year of income. Assessable OB income (2) The assessable OB income of an OBU is so much of the OBU’s OB income of the year of income as is assessable income. Adjusted assessable OB income (4) The adjusted assessable OB income of an OBU is the OBU’s assessable OB income of the year of income reduced by the sum of the OBU’s exclusive OB deductions for interest (including a discount in the nature of interest). Adjusted total assessable income (5) The adjusted total assessable income of an OBU is the OBU’s assessable income of the year of income reduced by the sum of the OBU’s exclusive OB deductions, and exclusive non-OB deductions, for interest (including a discount in the nature of interest).