INCOME TAX ASSESSMENT ACT 1936

PART III - LIABILITY TO TAXATION  

Division 5A - Income of certain limited partnerships  

Subdivision C - Corporate tax modifications applicable to corporate limited partnerships  

SECTION 94T   RESIDENCE OF CORPORATE LIMITED PARTNERSHIP  

94T(1)  
For the purposes of the income tax law, the partnership is:


(a) a resident; and


(b) a resident within the meaning of section 6 ; and


(c) a resident of Australia; and


(d) a resident of Australia within the meaning of section 6 ;

if and only if:


(e) the partnership was formed in Australia; or


(f) either:


(i) the partnership carries on business in Australia; or

(ii) the partnership's central management and control is in Australia.

94T(2)  
In determining whether the partnership carries on business in Australia for the purposes of subparagraph (1)(f)(i), if, for the year of income, the partnership is an IMR entity (within the meaning of the Income Tax Assessment Act 1997 , but disregarding paragraph 842-220(a) of that Act), disregard business that:


(a) is carried on by the partnership (either by itself directly or by another entity on its behalf); and


(b) solely relates to IMR financial arrangements (within the meaning of that Act).


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