289-510 Loan relationships: allocating credits and debits to the company partner: Tax Bulletin article TB62/02
Difficulties in apportioning debits and credits between company partners may occur where the partnership and company partner account in different currencies. This was dealt with by a Tax Bulletin article in October 2002 TB62/02 (IRInt. 240). Although the TB refers to the original legislation in FA 1996, most of these provisions were rewritten into CTA 2009, Pt. 5, Ch. 9 (as indicated) and the bulletin is still relevant in relation to the operation of CTA 2009, s. 381(2)–(4) (former FA 1996, Sch. 9, para. 19(4)).
The text of TB62/02 – with references to current legislation inserted in square brackets - is set out below.