The ATO on Fri 10.5.2013, released a Decision Impact Statement on the decision of the NSW Supreme Court in DCT v McGuire & Anor [2013] NSWSC 184. In that case, the Supreme Court held that s 60(1) of the Partnership Act 1892 (NSW) did not limit the liability of 2 limited partners (the taxpayers) to an RBA deficit debt, including the GIC, of a limited partnership. The ATO said the decision was consistent with the Commissioner’s submissions to the Court.
[LTN 88, 10/5/13]
[FJM Note: However, all partners were registered under the Australian Business Register, and the Federal liability over-riding the State provisions, seemed to flow from this. Query if the result would have been different if the General Partner alone had registered (on its own behalf and as an agent the limited partners), so that it alone was made liable under s444-30 of the Taxation Administration Act 1953, Schedule 1.]