Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 5A - Income of certain limited partnerships  

Subdivision B - Corporate limited partnerships  

SECTION 94G  

94G   CONTINUITY OF OWNERSHIP 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 ownership 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;

more than 50% of the interests in the partnership were held by persons who, immediately before that period, held more than 50% of the interests in the partnership; or

(b) the condition set out in paragraph (a) is not satisfied only because of the acquisition during so much of that period as occurred before 1 July 1993 of interests in the partnership, where the acquisitions are in response to, and in accordance with the terms of:

(i) a prospectus, offer or invitation issued before 19 August 1992; or

(ii) if that prospectus, offer or invitation was varied before 19 August 1992 - that prospectus, offer or invitation as so varied.