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INCOME TAX ASSESSMENT ACT 1936 - SECT 94E Continuity of business test

INCOME TAX ASSESSMENT ACT 1936 - SECT 94E

Continuity of business test

    In determining whether a limited partnership is a corporate limited partnership in relation to a year of income, the partnership passes the continuity of business test if, and only if:

  (a)   at all times during the period:

  (i)   beginning on 19   August 1992; and

  (ii)   ending at the end of the year of income;

    the partnership carried on the same business as it carried on immediately before the beginning of that period; and

  (b)   the partnership did not, at any time during that period, derive income from a business of a kind that it did not carry on, or from a transaction of a kind that it had not entered into in the course of its business operations, before that period.

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