A New Tax System (Goods and Services Tax) Amendment Regulations 2003 (No. 1) (37 of 2003)

Schedule 1   Amendments

[7]   After subregulation 48-10.02 (4)

insert

(5) The partnership (the candidate partnership ) satisfies the requirements of this subregulation if:

(a) there is a partnership (the member partnership ) that is a member of the GST group because of:

(i) paragraph (2A) (a) or subregulation (3), (3A) or (4); or

(ii) this subregulation, including the repeated application of this subregulation; and

(b) each partner in the candidate partnership is an individual, a family trust of an individual or a family company of an individual; and

(c) for each partner in the candidate partnership that is an individual, a family trust of an individual or a family company of an individual, one of the following is a partner in the member partnership:

(i) the individual;

(ii) a family trust of the individual;

(iii) a family company of the individual;

(iv) a family member of the individual;

(v) another individual for whom the first individual is a family member;

(vi) a family trust of a family member mentioned in subparagraph (iv) or the other individual mentioned in subparagraph (v);

(vii) a family company of a family member mentioned in subparagraph (iv) or the other individual mentioned in subparagraph (v); and

(d) at least 2 of the partners in the candidate partnership comply with paragraph (c) through different partners in the member partnership (whether or not they also comply through the same partner in the member partnership).

(6) For this regulation:

(a) a family trust of an individual is a trust that distributes income or capital of the trust only to the individual or family members of the individual (whether or not other distributions could lawfully be made); and

(b) a family company of an individual is a company each shareholder of which is either the individual or a family member of the individual.