Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) These rules are relevant to working out what are the liabilities in respect of a partner's interests in an asset.
(2) A liability incurred for the purposes of a * business that is not a liability in respect of interests in a specific asset or assets of the business is taken to be a liability in respect of the partner's interests in all the assets of the business.
Note: An example is a bank overdraft.
(3) If a liability is in respect of both:
(a) the partner's interests in one or more assets that the partner * acquired on or after 20 September 1985; and
(b) the partner's interests in one or more assets that the partner acquired before that day;
the proportion of the liability that is in respect of the partner's interests that the partner acquired on or after that day is equal to:
