Section GB 47 — Income Tax Act 2007: Calculation rules for sections GB 45 and GB 46

GB 47 Calculation rules for sections GB 45 and GB 46 Consolidation of assessable income and deductions, and cost of property (1) The deductions and assessable income from an arrangement for each person in a group of persons, and the cost of property that is held by each person in the group as part of the arrangement, are calculated on a basis of consolidation for the elimination of intra-group balances in accordance with generally accepted accounting practice. Calculation of assessable income and deductions, and cost of property (2) The deductions and assessable income from an arrangement for each person in a group of persons, and the cost of property that is held by each person in the group as part of the arrangement, are calculated using the proportionate method in accordance with generally accepted accounting practice for partnerships, if the group is any of— (a) persons who are a partnership and the partners in a partnership: (b) a joint venture and the partners in the joint venture: (c) an LAQC and the shareholders in the LAQC. Defined in this Act: arrangement , assessable income , deduction , generally accepted accounting practice , LAQC, shareholder , Compare: 2004 No 35 s GC 29(2), (3)