History
S 124-465(4) repealed by
No 168 of 2006
, s 3 and Sch 4 item 57, applicable to CGT events that happen on or after 12 December 2006. S 124-465(4) formerly read:
124-465(4)
The unit trust must be a *resident trust for CGT purposes for the income year in which the completion time occurs. The company must be an Australian resident at the completion time.
S 124-465 repealed by No 133 of 2014, s 3 and Sch 1 item 10, applicable in relation to shares or units disposed of, redeemed or cancelled at or after 7.30 pm, by legal time in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 124-465 formerly read:
SECTION 124-465 Requirements to be satisfied in both cases
124-465(1)
The *shares issued in the company must not be *redeemable shares.
124-465(2)
Each exchanging member who is issued *shares in the company must own the shares from the time they are issued to the completion time.
124-465(3)
Just after the completion time:
(a)
the exchanging members must own
all
the *shares in the company; or
(b)
entities other than those members must own no more than 5 *shares in the company and the *market value of those shares expressed as a percentage of the market value of all the shares in the company is such that it is reasonable to treat the exchanging members as owning all the shares.
124-465(4)
(Repealed by
No 168 of 2006
)
History
S 124-465(4) repealed by
No 168 of 2006
, s 3 and Sch 4 item 57, applicable to CGT events that happen on or after 12 December 2006. S 124-465(4) formerly read:
124-465(4)
The unit trust must be a *resident trust for CGT purposes for the income year in which the completion time occurs. The company must be an Australian resident at the completion time.
Choice to be made by company
124-465(5)
The company must choose that the rules in section
124-470
apply. It must make its choice within 2 months after the completion time, or within such further time as the Commissioner allows.
Note:
This is an exception to the general rule about choices in section
103-25
.
S 124-465 inserted by No 46 of 1998.
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