HOUSE OF REPRESENTATIVES
TAXATION LAWS AMENDMENT BILL (NO. 6) 1992
Taxation Laws Amendment Act (No. 6) 1992
MEDICARE LEVY AMENDMENT BILL (NO. 2) 1992
Medicare Levy Amendment Act (No. 2) 1992
Explanatory Memorandum
(Circulated by the authority of the Treasurer,the Hon. John Dawkins, M.P.)Glossary of commonly used terms
| Term | Definition |
|---|---|
| Change in composition | Retirement, substitution or addition of a partner |
| Continuity of business test | requirement that existing limited partnerships not change their business if they are to continue to be treated as partnerships for income tax purposes until the 1995-96 year of income |
| Continuity of ownership test | requirement that existing limited partnerships not change their ownership if they are to continue to be treated as partnerships for income tax purposes until the 1995-96 year of income |
| Corporate limited partnership | a limited partnership treated as a company for income tax purposes |
| limited partnership | any partnership in which the liability of at least one member is limited |