Queensland Consolidated Acts Queensland Consolidated Acts(1) A person acquires a partnership interest if a partnership is formed or the person's partnership interest increases.
(2) Without limiting subsection (1)--
(a) a partnership may be formed on--
(i) a change in the membership of a partnership; or
(ii) the merger of 2 or more partnerships; or
(b) a person's partnership interest may increase--
(i) under the terms of a partnership agreement; or
(ii) on the retirement of a partner from a partnership; or
(iii) on a change in the terms of a partnership agreement effecting a change in the interests of the partners.
(3) However, a partner's variable partnership entitlement under section 42 does not increase if--
(a) the partner's entitlement to share in the profits or obligation to contribute to the capital or losses of the partnership increases merely because of the partner's performance as a partner; and
(b) there is no arrangement stating--
(i) the extent of the future variation to the partner's entitlement or obligation; or
(ii) the consideration for the variation.