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 385-170   New partnership can elect to take advantage of election made by former owner of the business  

385-170(1)    
If an entity (except a partnership):

(a) has made an election under Subdivision 385-E , 385-F or 385-G ; and

(b) transfers the relevant ^* primary production business to a partnership; and

(c) is entitled to at least 25 % of the income of that partnership;

the partnership may elect to apply the Subdivision under which the entity made the election to all future events as if it were that entity.

385-170(2)    
The partnership must make this election before it lodges its ^* income tax return for the income year in which the ^* business is transferred to it.