Income Tax Assessment Act 1997



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  

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.

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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