Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 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.

  (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.

Table of Subdivisions

  Guide to Division   392

392 - A   Is your income tax affected by averaging?

392 - B   What kind of averaging adjustment must you make?

392 - C   How big is your averaging adjustment?

392 - D   Effect of permanent reduction of your basic taxable income