Taxation Laws Amendment Act (No. 3) 1994 (138 of 1994)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 3   Amendments relating to foreign investment funds and controlled foreign companies

Sub-Division F   Amendments relating to corporate limited partnerships

23   Repeal of section and substitution of new section

Section 94T of the Principal Act is repealed and the following section is substituted:

Residence of corporate limited partnership

"94T. For the purposes of the income tax law, the partnership is:

(a) a resident; and

(b) a resident within the meaning of section 6; and

(c) a resident of Australia; and

(d) a resident of Australia within the meaning of section 6;

if and only if:

(e) the partnership was formed in Australia; or

(f) either:

(i) the partnership carries on business in Australia; or

(ii) the partnership's central management and control is in Australia.".