This interpretation statement provides general guidance on the income tax treatment of partnerships. Most of this statement is relevant to both general and limited partnerships. The rules are largely the same for both types of partnership.

According to CA ANZ, the detailed statement is very readable and contains numerous examples and diagrams which help illustrate the various concepts. It will be an excellent resource for taxpayers, tax agents and tax specialists. The consolidation of two items, general guidance and limited partnerships, into one has reduced the need to repeat the various rules that apply to both general and limited partnerships.

CA ANZ suggests some aspects of the item be reviewed and clarified with additional references.