Income Tax Assessment Act 1997
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.
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