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PARTNERSHIP AMENDMENT BILL 5 OF 2009

                             FACT SHEET

                PARTNERSHIP AMENDMENT BILL 2009

�    This Bill amends the Partnership Act 1891 and repeals the Limited
    Partnerships Act 1908 to update partnerships law in Tasmania, facilitate
    the incorporation of recent changes to Commonwealth and ensure
    uniformity with interstate partnerships law.

�    In 2002, the Commonwealth parliament enacted the Venture Capital Act
    2002, which was aimed at attracting venture capital to Australia. The
    Income Tax Assessment Act 1936 of the Commonwealth was also
    amended to allow these entities to be taxed as flow-through vehicles (that
    is, tax exempt) in accordance with internationally recognised best practice
    for the treatment of venture capital.


�    The Commonwealth has more recently granted tax relief for another form
    of venture capital fund that invests in small businesses--the early stage
    venture capital limited partnership (ESVCLP).

�    Partnerships in Tasmania are not able to take advantage of these types of
    investment vehicle without these changes to the Partnership Act 1891.


�   In addition to facilitating access to the changes in the Commonwealth's
    preferential tax treatment, these amendments streamline Tasmanian
    partnerships legislation by combining two current Acts into one updated
    Act, in a manner consistent with partnerships legislation in other States.

 


 

 


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