INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 5A - Income of certain limited partnerships  

Subdivision C - Corporate tax modifications applicable to corporate limited partnerships  

SECTION 94Y   MODIFICATION OF PROVISIONS RELATING TO THE COLLECTION OF COMPANY TAX  

94Y(1)   [Partnership]  

In spite of anything in Division 1B of Part VI , for the purposes of that Division, the notional tax of the partnership in respect of the year of income is taken to be nil if:

(a) the year of income is the year of income in which 19 August 1992 occurred; or

(b) the partnership was not a corporate limited partnership in relation to the immediately preceding year of income.

94Y(2)   [Corporate limited partnership]  

A corporate limited partnership is not liable to pay instalments under Division 1C of Part VI for a year of income unless it was also a corporate limited partnership in relation to the immediately preceding year of income.