INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 5A - Income of certain limited partnerships  

Subdivision C - Corporate tax modifications applicable to corporate limited partnerships  

SECTION 94W   94W   PRE-1995-96 YEARS OF INCOME - CERTAIN CORPORATE OBLIGATIONS DO NOT ARISE IF PARTNERSHIP BECAME A CORPORATE LIMITED PARTNERSHIP BECAUSE OF SOMETHING WHICH HAPPENED DURING THE YEAR OF INCOME  
If:


(a) the year of income is earlier than the 1995-96 year of income; and


(b) the partnership is a corporate limited partnership in relation to the year of income because of the occurrence of one or more events during the year of income which resulted in the partnership failing to pass:


(i) the continuity of business test set out in section 94E ; or

(ii) the continuity of ownership test set out in section 94G ; and


(c) at a time during the period:


(i) beginning at the beginning of the year of income; and

(ii) ending at the time when that event, or the earliest of those events, occurred;
an obligation was imposed on the partnership under the income tax law in the partnership's capacity as a company; and


(d) the partnership passed both of the following tests in relation to each earlier year of income:


(i) the continuity of business test set out in section 94E ;

(ii) the continuity of ownership test set out in section 94G ;

the income tax law has effect as if that obligation had never arisen.


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