Tax Laws Amendment (2006 Measures No. 2) Act 2006 (58 of 2006)

Schedule 7   Technical corrections and improvements

Part 2   Amendments commencing at other times

Income Tax Assessment Act 1936

176   Section 94D (all the subsections after subsection 94D(3))

Repeal the subsections, substitute:

(4) The place of residence of a VCMP is the place at which the partnership has its central management and control.

(5) A limited partnership that is a foreign hybrid limited partnership in relation to a year of income because of subsection 830-10(1) of the Income Tax Assessment Act 1997 is not a corporate limited partnership in relation to the year of income.

Note: As result, both the normal partnership provisions and special provisions relating to foreign hybrid limited partnerships will apply to the entity.

(6) If, for the purpose of applying this Act and the Income Tax Assessment Act 1997 in relation to a partner's interest in a limited partnership, the partnership is a foreign hybrid limited partnership in relation to a year of income because of subsection 830-10(2) of that Act, the partnership is not a corporate limited partnership in relation to the partner's interest in relation to the year of income.

Note: As result, both the normal partnership provisions and special provisions relating to foreign hybrid limited partnerships will apply to the entity, but only in relation to the partner's interest.