Document ID: chunk:federal_register_of_legislation:C2004A01183:clause:1_140y
Version: federal_register_of_legislation:C2004A01183
Segment Type: clause
Provision Reference: sch 1 cl 140Y
Character Range: 16435–17673

140Y  Sponsorship obligations and rights of partnership

 (1) Subject to section 140ZA, a sponsorship obligation that would otherwise be imposed on a partnership is instead imposed on each person who is a partner:
 (a) where the obligation arises before the sponsorship is approved—at the time the obligation arises; or
 (b) where the obligation arises at any other time—at the time the sponsorship is approved.

 (2) Subject to section 140ZA, a sponsorship right that would otherwise be exercisable by a partnership is instead a right exercisable by each person who is a partner:
 (a) where the right arises before the sponsorship is approved—at the time the right arises; or
 (b) where the right arises at any other time—at the time the sponsorship is approved.

 (3) Subject to sections 140Z and 140ZA, the following persons are jointly and severally liable to pay an amount that would otherwise be payable by a partnership in relation to sponsorship or as a result of sponsorship:
 (a) where the liability arises before the sponsorship is approved—each person who is a partner at the time the obligation arises;
 (b) where the liability arises at any other time—each person who is a partner at the time the sponsorship is approved.