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INCOME TAX ASSESSMENT ACT 1936 - SECT 94F Change in composition of limited partnership--election that partnership not be treated as an eligible limited partnership

INCOME TAX ASSESSMENT ACT 1936 - SECT 94F

Change in composition of limited partnership--election that partnership not be treated as an eligible limited partnership

    An election referred to in paragraph   94D(1)(d) in relation to a limited partnership and in relation to a year of income has no effect unless:

  (a)   the partnership passes the continuity of ownership test set out in section   94G; and

  (b)   the election is made:

  (i)   within 6 months after the end of the later of the following years of income:

  (A)   the year of income to which the election relates;

  (B)   the year of income in which the Taxation Laws Amendment Act (No.   6) 1992 received the Royal Assent; or

  (ii)   within such further period as the Commissioner allows.

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