Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:1_3:p7
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 7/24)
Character Range: 427536–430190

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:
 (a) a beneficiary dies; or
 (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.

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.

385-170  New partnership can elect to take advantage of election made by former owner of the business

 (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