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INCOME TAX ASSESSMENT ACT 1936 - SECT 18A Accounting periods for VCLPs, ESVCLPs, AFOFs and VCMPs

INCOME TAX ASSESSMENT ACT 1936 - SECT 18A

Accounting periods for VCLPs, ESVCLPs, AFOFs and VCMPs

  (1)   If a partnership becomes, or ceases to be, a VCLP, an ESVCLP, an AFOF or a VCMP on a particular day:

  (a)   the accounting period during which that day occurs (the first accounting period ) is taken to have ended immediately before that day; and

  (b)   another accounting period is taken to have commenced at the beginning of that day.

The other accounting period ends on the day on which the first accounting period would have ended if this section did not apply.

Example:   A partnership whose accounting periods ended on 30   June becomes a VCLP, an ESVCLP on 1   October 2002, and ceases to be a VCLP, an ESVCLP on 1   April 2003.

  The effect of becoming a VCLP, an ESVCLP: the accounting period that commenced on 1   July 2002 is taken under this section to end on 30   September 2002, and a second accounting period commences on 1   October 2002. The second accounting period is scheduled to end on 30   June 2003.

  The effect of ceasing to be a VCLP, an ESVCLP: the second accounting period is now taken under this section to end on 31   March 2003, and a third accounting period commences on 1   April 2003. The third accounting period is to end on 30   June 2003.

  (2)   This section does not apply in relation to a partnership becoming, or ceasing to be, a VCLP, an ESVCLP, an AFOF or a VCMP on the day on which an accounting period commences.

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