Document ID: chunk:federal_register_of_legislation:C2025C00133:section:48
Version: federal_register_of_legislation:C2025C00133
Segment Type: section
Provision Reference: s 48
Character Range: 106553–107558

48  Treatment of partnerships
 (1) This Act applies to an entity that is a reporting entity or a reporting nominee that is a partnership with the changes set out in this section.
 (2) An obligation that would otherwise be imposed on the partnership by this Act is imposed on each partner instead, but may be discharged by any of the partners.
 (3) A civil penalty provision of this Act that would otherwise have been contravened by the partnership is taken to have been contravened by each partner in the partnership, at the time the provision was contravened, who:
 (a) did the relevant act or made the relevant omission; or
 (b) aided, abetted, counselled or procured the relevant act or omission; or
 (c) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).
 (4) For the purposes of this Act, a change in the composition of a partnership does not affect the continuity of the partnership.