Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 94G

    In determining whether a limited partnership is a corporate limited partnership in relation to a year of income, the partnership passes the continuity of ownership test if, and only if:

  (a)   at all times during the period:

  (i)   beginning on 19   August 1992; and

  (ii)   ending at the end of the year of income;

    more than 50% of the interests in the partnership were held by persons who, immediately before that period, held more than 50% of the interests in the partnership; or

  (b)   the condition set out in paragraph   (a) is not satisfied only because of the acquisition during so much of that period as occurred before 1   July 1993 of interests in the partnership, where the acquisitions are in response to, and in accordance with the terms of:

  (i)   a prospectus, offer or invitation issued before 19   August 1992; or

  (ii)   if that prospectus, offer or invitation was varied before 19   August 1992--that prospectus, offer or invitation as so varied.