Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1936
1 Subsection 6(1) (definition of limited partner )
Repeal the definition, substitute:
"limited partner" has the same meaning as in the Income Tax Assessment Act 1997 .
2 Subsection 6(1) (definition of limited partnership )
Repeal the definition, substitute:
"limited partnership" has the same meaning as in the Income Tax Assessment Act 1997 .
3 Subsection 6(1) (definition of partnership )
Repeal the definition, substitute:
"partnership" has the same meaning as in the Income Tax Assessment Act 1997 .
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.
5 Subsection 995 - 1(1) (definition of partnership )
Repeal the definition, substitute:
"partnership" means:
(a) an association of persons (other than a company or a * limited partnership) carrying on business as partners or in receipt of * ordinary income or * statutory income jointly; or
(b) a limited partnership.
6 Application
The amendments made by this Schedule apply to things done on or after 2 December 2003.
7 Transitional
(1) This item applies to a limited partnership:
(a) that was formed as a legal entity on or after 2 December 2003 and before the day on which this Act received the Royal Assent; and
(b) in respect of which an application has been made to the PDF Board for registration as a VCLP or an AFOF under the Venture Capital Act 2002 ; and
(c) that could not be registered or conditionally registered as a VCLP or an AFOF before the day on which this Act received the Royal Assent only because it has a legal personality separate from that of its members.
(2) If the PDF Board decided, before the day on which this Act received the Royal Assent, that it would have registered or conditionally registered a limited partnership to which this item applies as a VCLP or an AFOF under the Venture Capital Act 2002 had this Act received the Royal Assent before that decision was made:
(a) the PDF Board is taken to have granted registration or conditional registration of the limited partnership as a VCLP or an AFOF under that Act on the day on which that decision was made; and
(b) that registration is taken to have been in force for the purposes of section 13 - 10 of that Act from that day.