• Specific Year
    Any

INCOME TAX ASSESSMENT ACT 1997 - SECT 385.165 New partnership can elect to be treated as same entity as old partnership

INCOME TAX ASSESSMENT ACT 1997 - SECT 385.165

New partnership can elect to be treated as same entity as old partnership

  (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.

  (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.

Download

No downloadable files available