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CHANGES TO LIMITED PARTNERSHIPS IN FORCE SEPTEMBER 1 2014

The majority of the provisions of the Limited Partnerships Amendment Act 2014 come into force on 1 September 2014.

These changes include:

  • new 'resident general partner' requirements;
  • new qualification requirements for individuals who are general partners (in line with the qualifications for directors under the Companies Act 1993);
  • a requirement for place of birth information to be provided for all individuals who are general and limited partners;
  • amendments to a number of forms, including:
    • the application for registration of a limited partnership;
    • annual returns;
    • the general partner consent form; and
    • the on-going maintaining of limited partner and general partner details.

Existing limited partnerships (registered prior to 1 September 2014) have until 27 February 2015 to comply with the 'resident general partner' requirements.

The Limited Partnerships Amendment Regulations 2014 also come into force on 1 September 2014. These regulations amend the Limited Partnerships Regulations 2008 to give effect to a number of provisions in the Amendment Act and include regulations which:

  • provide that Australia is an "enforcement country" for the purpose of the new resident general partner requirement;
  • prescribe certain director information that must be provided in relation to every individual who is a proposed general partner of a limited partnership and resides in Australia and is the director of an Australian company; and
  • prescribe similar information in relation to every individual who is the director, partner, or general partner of a proposed general partner that is not an individual (i.e., a company, partnership, or unincorporated body). 
Written by Kylie van Heerden at 09:00

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