Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)

Schedule 3   Venture capital

Income Tax Assessment Act 1997

4   Subsection 995-1(1) (definition of limited partnership )

Repeal the definition, substitute:

limited partnership means:

(a) an association of persons (other than a company) carrying on business as partners or in receipt of *ordinary income or *statutory income jointly, where the liability of at least one of those persons is limited; or

(b) an association of persons (other than one referred to in paragraph (a)) with legal personality separate from those persons that was formed solely for the purpose of becoming a *VCLP, an *AFOF or a *VCMP and to carry on activities that are carried on by a body of that kind.