Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 5A - Income of certain limited partnerships  

Subdivision B - Corporate limited partnerships  

SECTION 94E  

94E   CONTINUITY OF BUSINESS TEST  

In determining whether a limited partnership is a corporate limited partnership in relation to a year of income, the partnership passes the continuity of business test if, and only if:

(a) at all times during the period:

(i) beginning on 19 August 1992; and

(ii) ending at the end of the year of income;

the partnership carried on the same business as it carried on immediately before the beginning of that period; and

(b) the partnership did not, at any time during that period, derive income from a business of a kind that it did not carry on, or from a transaction of a kind that it had not entered into in the course of its business operations, before that period.