S 124-382 repealed by No 133 of 2014, s 3 and Sch 1 item 10, applicable in relation to shares or units disposed of, redeemed or cancelled at or after 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011. S 124-382 formerly read:
SECTION 124-382 Special rules for ADI restructures
124-382(1)
This section applies if:
(a)
the interposed company is a non-operating holding company within the meaning of the
Financial Sector (Business Transfer and Group Restructure) Act 1999
; and
(b)
a restructure instrument under Part 4A of that Act is in force in relation to the interposed company; and
(c)
because of the restructure to which the instrument relates, an *ADI becomes a subsidiary (within the meaning of that Act) of the interposed company; and
(d)
the original company is:
(i)
the ADI; or
(ii)
part of an extended licensed entity (within the meaning of the *prudential standards) that includes the ADI.
Certain preference shares disregarded
124-382(2)
For the purposes of this Subdivision, disregard any *shares in the original company that can be disregarded under subsection
703-37(4)
.
124-382(3)
(Repealed by No 12 of 2012)
History
S 124-382(3) repealed by No 12 of 2012, s 3 and Sch 2 item 3, applicable to CGT events happening after 7.30 pm (by legal time in the Australian Capital Territory) on 11 May 2010. S 124-382(3) formerly read:
Certain foreign-owned shares disregarded
124-382(3)
For the purposes of this Subdivision:
(a)
disregard any *shares in the original company covered by subsection (4); and
(b)
disregard any shares in the interposed company mentioned in paragraph (4)(d).
124-382(4)
(Repealed by No 12 of 2012)
History
S 124-382(4) repealed by No 12 of 2012, s 3 and Sch 2 item 3, applicable to CGT events happening after 7.30 pm (by legal time in the Australian Capital Territory) on 11 May 2010. S 124-382(4) formerly read:
124-382(4)
This section covers *shares in the original company if:
(a)
the shares are owned by a foreign holder within the meaning of the
Corporations Act 2001
; and
(b)
an agent or nominee is appointed by (or on behalf of) the foreign holder; and
(c)
the shares are disposed of to the interposed company, or are cancelled; and
(d)
as a result, the agent or nominee acquires shares in the interposed company; and
(e)
the agent or nominee disposes of the shares in the interposed company (whether separately or together with other shares covered by paragraph (d)); and
(f)
the agent or nominee:
(i)
gives the foreign holder an amount equivalent to the *capital proceeds of the disposal (less expenses); or
(ii)
if the shares are disposed of together with other shares covered by paragraph (d)
-
gives the foreign holder an amount equivalent to the foreign holder
'
s proportion of the *capital proceeds of the disposal (less expenses).
S 124-382 inserted by No 117 of 2007, s 3 and Sch 2 item 1, applicable in relation to CGT events happening on or after 1 July 2007.
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