INCOME TAX ASSESSMENT ACT 1936

PART III - LIABILITY TO TAXATION  

Division 5A - Income of certain limited partnerships  

Subdivision B - Corporate limited partnerships  

SECTION 94F   94F   CHANGE IN COMPOSITION OF LIMITED PARTNERSHIP - ELECTION THAT PARTNERSHIP NOT BE TREATED AS AN ELIGIBLE LIMITED PARTNERSHIP  


An election referred to in paragraph 94D(1)(d) in relation to a limited partnership and in relation to a year of income has no effect unless:


(a) the partnership passes the continuity of ownership test set out in section 94G ; and


(b) the election is made:


(i) within 6 months after the end of the later of the following years of income:

(A) the year of income to which the election relates;

(B) the year of income in which the Taxation Laws Amendment Act (No. 6) 1992 received the Royal Assent; or

(ii) within such further period as the Commissioner allows.


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