Commonwealth Consolidated Acts

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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

                   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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