INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 3B - Tests for finding out whether the company has maintained the same owners  

The primary and alternative tests  

SECTION 160ZNK   RULES ABOUT THE PRIMARY TEST FOR A CONDITION  

160ZNK(1)   [Shares need not be same shares]  

A person need not beneficially own exactly the same shares at all times during the ownership test period for the primary test for a condition to be satisfied.

160ZNK(2)   [Private or public company]  

A private company must satisfy the primary test for a condition in order for the test to be satisfied. A public company is taken to satisfy the primary test if it is reasonable to assume that the test is satisfied.