Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 385 - Primary production  

Subdivision 385-H - Rules that apply to all elections made under Subdivisions 385-E, 385-F and 385-G  

SECTION 385-165   New partnership can elect to be treated as same entity as old partnership  

385-165(1)    
Under Subdivision 385-E , 385-F or 385-G a new partnership can elect to be treated as a continuation of an old partnership that would otherwise cease to exist if:

(a) it immediately takes over the relevant ^* primary production business of the old partnership; and

(b) partners, together entitled to at least 25% of the income of the new partnership, were also partners in the old partnership.

385-165(2)    
The new partnership must make this election before it lodges its ^* income tax return for the income year in which it takes over the ^* business.