Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p7
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 7/18)
Character Range: 5444305–5446965

are about to do so; or
 (d) you cease to carry on the *primary production business to which the election relates.
 (2) In the case of a partnership, a disentitling event happens when:
 (a) a partner in the partnership becomes bankrupt, insolvent, commences to be wound up, applies to take the benefit of a law for the relief of bankrupt or insolvent debtors, compounds with creditors, or makes an assignment of any property for the benefit of creditors; or
 (b) a partner leaves Australia permanently, or it appears to the Commissioner that a partner is about to do so; or
 (c) the partnership ceases to carry on the *primary production business to which the election relates; or
 (d) there is a variation in the constitution of the partnership or the interests of the partners.
 (3) In the case of a trust, a disentitling event happens when:
 (b) an order for the administration of the trust estate is made under a law relating to bankruptcy; or
 (c) a beneficiary becomes bankrupt, insolvent, commences to be wound up, applies to take the benefit of a law for the relief of bankrupt or insolvent debtors, compounds with creditors, or makes an assignment of any property for the benefit of creditors; or
 (d) the trustee or a beneficiary leaves Australia permanently, or it appears to the Commissioner that the trustee or a beneficiary is about to do so; or
 (e) the trustee ceases to carry on the *primary production business to which the election relates.
 (4) However, in the case of a trust, a disentitling event does not happen if:
 (a) either:
 (i) the disentitling event is covered by paragraph 3(c); or
 (ii) the disentitling event is covered by paragraph 3(d) and a beneficiary leaves Australia permanently, or it appears to the Commissioner that a beneficiary is about to do so; and
 (b) the Commissioner makes a determination under subsection (5).
 (5) The Commissioner may make a determination for the purpose of subsection (4) if it is fair and reasonable to do so having regard to:
 (a) the nature of the *disentitling event to which subsection (3) applies; and
 (b) any relevant circumstances relating to the beneficiary mentioned in paragraph (3)(c) or (d); and
 (c) any other relevant circumstances relating to the trust; and
 (d) any other matters the Commissioner considers relevant.
 (6) A determination made under subsection (5) must be made in writing.
 (7) The Commissioner must give the trustee of the trust a copy of the determination.

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