Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.