Partnership ceases to exist
(1) If a partnership ceases to exist, the persons who were partners immediately before the cessation must continue to satisfy any applicable sponsorship obligation. (2) Section 140ZB applies as if: (a) references to a partnership were to a partnership that ceases to exist; and (b) references to partners of the partnership were to the persons who were partners immediately before the cessation. (3) For the purpose of this section, a partnership ceases to exist if the dissolution of the partnership does not result in the creation of another partnership.
Sourced from the Federal Register of Legislation at 26 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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