Section 140ZB — Partnerships—sponsorship rights and obligations

140ZB Partnerships—sponsorship rights and obligations

(1) This Division, the regulations made under it and any other provision of this Act as far as it relates to this Division or the regulations, apply to a partnership as if it were a person, but with the changes set out in this section and sections 140ZC and 140ZD.

(2) A sponsorship right that would otherwise be exercisable by the partnership is exercisable by each partner instead.

(3) A sponsorship obligation that would otherwise be imposed on the partnership:

(a) is imposed on each partner instead; but

(b) may be discharged by any of the partners.

(4) Subject to section 140ZC, the partners are jointly and severally liable to pay an amount in relation to a sponsorship obligation.