Income Tax Assessment Act 1997
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.
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