INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
In spite of anything in Division 1B of Part VI , for the purposes of that Division, the notional tax of the partnership in respect of the year of income is taken to be nil if:
(a) the year of income is the year of income in which 19 August 1992 occurred; or
(b) the partnership was not a corporate limited partnership in relation to the immediately preceding year of income. 94Y(2) [Corporate limited partnership]
A corporate limited partnership is not liable to pay instalments under Division 1C of Part VI for a year of income unless it was also a corporate limited partnership in relation to the immediately preceding year of income.
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